Wednesday, March 19, 2008

LonZim purchases remaining stake in BVI-based Bluberry International Services

LonZim Plc, which has been established for the principal purpose of making investments in Zimbabwe announced that it had acquired the remaining 20% of British Virgin Islands-registered Blueberry International Services Ltd. - an offshore company that controls 60% of Celsys Limited, a Zimbabwean publicly listed company operating in the telecommunications and security printing sector. The BVI registered Blueberry International Limited also is the sole owner of Zimbabwean private industrial chemical manufacturer and distributer - Gardoserve Limited, the company trading under the "Millpal" brand.

The stake in the BVI company was acquired from Coast2Coast Communications Investments for US$1,362,500. This deal followed LonZim's GBP 2,431,000 worth acquisition of an initial 80% of BVI offshore company in January 2008. At that moment LonZim also entered into a 'put and call option' agreement with Coast2Coast with option period valid till 1 October 2012. In accordance to this agreement under the call option LonZim can acquire the remaining 20% in Blueberry at the same price. Under the put option LonZim can be required to acquire the remaining 20 per cent in Blueberry at a price of US$1,362,500.