
Lonrho Hotels invested in a development site in the African nation for $5.1 million.
Lonrho Hotels purchased an 80% stake in a Beira, Mozambique coastal development site on Tuesday for $5.1 million.In addition Lonrho Hotels will repay an inter-company loan of $1.5m to LonZim and will take on potential liabilities of $1.2 that LonZim assumed on the original acquisition."The Stock Market Wire reported that, "LonZim has completed the disposal of its 80% holding in ATdM, a company with a long lease on a prospective costal development site in Beira, Mozambique.The sale is part of LonZim's growing focus on the economic opportunities within Zimbabwe.LonZim has disposed of the 80% stake in ATdM for $5.1m to Lonrho Hotels (Holdings), a 100% subsidiary of Lonrho plc which has a 22.92% interest in LonZim.Consideration for the shares is to be settled in cash, paid monthly over five years with interest of 7% per annum accrued on the outstanding balance.In addition Lonrho Hotels will repay an inter-company loan of $1.5m to LonZim and will take on potential liabilities of $1.2 that LonZim assumed on the original acquisition."
