LONDON, May 18 /CNW/ - Lonrho is pleased to announce that it has entered
into a heads of terms to acquire a 51% equity interest in seafood
wholesaler Fish On Line for ZAR 3.5 million (GBP0.3 million) in cash.
Fish On Line is based in Cape Town, South Africa, and operates bulk cold
storage and fish processing facilities. The company operates as a
wholesaler of quality seafood and imports and exports a wide range of
seafood to and from markets globally. Products handled by Fish On Line
include: Prawns, Salmon, Pangasius, Hake and Kingklip. Unaudited
turnover for the year ended 28 February 2011 was ZAR 66 million (GBP5.8
The parties expect to enter into a definitive share purchase agreement,
which will also include a formula for the acquisition of the remaining
49% of the company, within the next few weeks. Following completion,
Lonrho will provide working capital for the company to expand its
existing operations and broaden its product range.
David Lenigas, Lonrho's Executive Chairman, commented:
"The acquisition of Fish On Line strengthens Lonrho's participation in
the seafood sector and delivers beneficial synergies with Lonrho's
Oceanfresh, which is seeing a strong demand for its sustainably
sourced, wild caught fish range from retailers globally."
SOURCE Lonrho PLC
For further information:
Geoffrey White, Chief Executive
Pelham Bell Pottinger