www.cambriaafrica.com
Cambria Africa plc is a long term, active investment company, building a portfolio of investments primarily in Zimbabwe.
The name of the Company is inspired by the Cambrian period in the earth's development, also referred to as the "Cambrian explosion".
It represents an anticipated period of rapid development and a promising new era for the Company, its shareholders and employees – alongside the current economic renaissance of Zimbabwe.
It has been listed on the AIM market of the London Stock Exchange since 2007. Until February 2012 the Company was known as LonZim plc.
LonZim sells stake in Mozambican business
LonZim (LON:LZM) announced this morning that has completed the disposal of its Aldeameanto Turistico de Macuti business in Mozambique in order to focus on its core businesses in Zimbabwe.
The firm has sold its 80-per cent stake in ATdM for US$5.1 million to Lonrho Hotels – a subsidiary of Lonrho Holdings (LON:LONR) that itself has a 22.9 per cent interest in LonZim. Payment for LonZim’s stake in ATdM is to be settled in cash, paid monthly over five years with interest of seven per cent per annum accrued on the outstanding balance.
Additionally, Lonrho Hotels will repay an inter-company loan of US$1.5 million to LonZim and will take on potential liabilities of US$1.2 million that LonZim assumed on its original acquisition of ATdM.
LonZim said the disposal will allow it to realise cash flows from non-core assets that are to be reinvested into the firm’s core activities within Zimbabwe.
LonZim has a diversified portfolio of assets in Zimbabwe that it believes are well placed to benefit from a recovery in that country’s economy. These include: Leopard Rock Hotel; Paynet (a business that provides electronic fund transfer systems to banks in the country as well as microfinance services); Celsys (a security and general printing business); Gardoserve (chemicals blending); and ForgetMeNot Africa (a telecoms business focused on instant messaging).
