11 February 2011 – acquisition
The group has extended the scope of its operations in Africa, acquiring the AFEX Group of companies subject to certain conditions being satisfied. AFEX owns and manages secure accomodation in Kenya and Sudan and the cost of the deal is $3m in cash initially, followed by an earn-out payment. The deal is a natural fit for the group and we continue to rate Lonrho shares as an attractive play on the African market. BUY.