Lonrho PLC
Blackrock Ups Stake In African Focused Investment Group Lonrho to 6.07 pct
African focused company, Lonrho (LSE: LONR) informed the market that, the investment company Blackrock Inc (NYSE: BLK) has increased its shareholding in the company by more than 1%. Blackrock now owns or controls 48.5 million shares in the diversified AIM listed company, representing a total equity stake of 6.07%.
Blackrock will now be Lonrho’s fifth largest shareholder, behind Mackenzie Cundill Investment Management (12.03%), Capital Research and Management (9.85%), Capital Group International (8.16%) and L.R. Global Partners (6.46%). BlackRock is one of the world's largest publicly traded investment management firms. As of 30 September 2009, BlackRock's assets under management totalled $1.4 trillion across equity, fixed income, cash management, and alternative investment and real estate strategies.
Lonrho has a diverse portfolio of investments focusing on Africa. Its investments range from primary infrastructure to transportation, support services, hotels and natural resources. The company is focused on servicing Western investment and African business by investing in emerging sectors across the region.
Earlier this month, Lonrho said it strategy was paying off as core businesses continue to perform in line with expectations. The company expects to see strong progress in the first quarter of the 2010 financial year after each of its core businesses continued to perform to expectations in the fourth quarter.
According to Lonrho, the ‘strong progress’ will be driven by the group’s Zimbabwe-based pan-African low-cost airline Fly540 commencing flight operations to Angola, the Karavia hotel in the DRC opening in January 2010 and Lonrho Agribusiness opening the John Deere operations in Angola and commencing exports to supermarkets in the Middle East.
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Other Lonrho PLC articles
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05/02/10 Lonrho hitting targets as strong divisional performances drive growth in Q1
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10/11/09 Lonrho strategy paying off as core businesses continue to perform in line
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23/10/09 Lonrho: Exposure to African opportunities, including agricultue, ports, regional aviation, infrastructure, water, IT and hotels
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06/08/07 David Lenigas has big plans for Lonrho Africa
Other Lonrho PLC news
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22/01/10 Renaissance Capital initiates coverage of Lonrho with a 'buy' rating and £0.21 target
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22/12/09 Amstel Securities says 'buy' Lonrho with 18p target, forecasts £502 mln revenues within 5 yrs
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21/12/09 Lonrho raises stake in Kwikbuild to 70 pct from 62 pct in line with stated strategy
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09/12/09 Lonrho secures another £9.1 million at premium for African businesses
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04/12/09 Lonrho raises £16 million to expand core businesses in Africa
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11/11/09 Edison says Lonrho FY revenues and earnings ahead of expectations, to revisit forecasts in early 2010
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29/10/09 Edison says Lonrho could rise to 37 pence if revenue targets are met
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27/07/09 Lonrho reports continued strong growth across all businesses in third quarter
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01/07/09 Lonrho affiliate LonZim to launch Fly540 airline operations in Zimbabwe
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10/10/08 Lonrho expands into aggregates with 75 hectare project in Angola