Lonrho Plans to Develop New Airline in Angola

19 June 2007
Content from a Premium Partner
Lonrho (London)
press release

Lonrho (AIM: LONR) has signed an exclusive Memorandum of Understanding ("MOU") with Sociedade De Gestate E Participacoes Financieras SARL ("GEFI"), one of the largest internal investment companies in Angola.

Lonrho plans to develop a new airline in Angola for the passenger, freight, leasing and charter markets with GEFI, through their wholly owned subsidiary Planar, an aircraft operating agency, that currently owns warehousing and office facilities at Luanda airport. GEFI also owns further facilities throughout the country, including the required flight permissions and licences to operate the new airline.

Lonrho's exposure within the aviation sector puts it in a strong position to manage the new airline. Subsidiaries include the Budget airline Fly 540 operating in East Africa and Norse Air, an aviation logistics company operating across a number of countries. The MOU provides a three month exclusive period for the parties to review the opportunities in the Angolan aviation market and structure and commence the development of the new airline.

David Lenigas, Chairman and Chief Executive Officer of Lonrho, commented:

"Today's announcement is another example of Lonrho's strategy of investing into African infrastructure.

The MOU with GEFI should allow Lonrho to develop a new airline to support Angola's strong economy, which is being aided by accelerated growth from oil and diamond revenues.

By partnering with GEFI, and its established infrastructure, we envisage that Lonrho will utilise its expertise and build on its aviation network. We believe that the new airline can rapidly become a significant part of an expanding domestic market in Angola and a buoyant natural resources market across Africa.

Finally, Lonrho believes that good aviation services provide one of the fundamental legs of the infrastructure that Africa requires to grow."

For further information, please contact:

  • Lonrho Plc +44 (0) 20 7016 5105
  • David Lenigas, Chief Executive +44 (0)7881 825 378
  • Emma Priestley, Executive Director +44 (0)7867 785 177
  • Pelham PR Charles Vivian +44 (0) 20 7743 6672 +44 (0) 7977 297 903
  • Alisdair Haythornthwaite +44 (0) 20 7743 6676 +44 (0) 771 472 1379
  • Collins Stewart Simon Atkinson +44 (0) 20 7523 8306

About GEFI:

GEFI is one of the largest internal investment company's in Angola, with successful joint ventures in more than forty companies in the industrial, services and financial sectors including CUCA (Angola's largest brewery), Port operations with Maersk and in the financial sector with Banco Sol.

About Lonrho:

Lonrho Plc is an expanding conglomerate that is rapidly growing a successful business throughout Africa. The Company is listed on the London AIM stock exchange (LONR). Lonrho is strategically focused on the development of business opportunities in infrastructure, transportation, support services and natural resources. The Company has over 20,000 shareholders and substantial institutional backing to support its mandate to build a profitable business that plays a fundamental role in the development of the African economy.

Since 2006, the Company has invested in or acquired control of:

  • Hotel Cardoso - www.hotelcardoso.co.mz (retained)
  • Nare Diamonds - www.narediamonds.com
  • Brinkley Mining - www.brinkley-mining.com
  • Luba Freeport - www.lubafreeport.com
  • Fly540 - www.fly540.com
  • Norse Air - www.norseair.co.za
  • Swissta Holdings - www.swissta.com
  • Countermine plc - www.countermine.com
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