Lonrho increases holding in SAILS

Lonrho Plc has upped its stake in SA Independent Liner Services Pty Ltd. (SAILS) by 15.7 percent for $8.96 million.

The company's shareholding in the Europe/South and West Africa container line is now 66.7 percent.

Since Lonrho's first investment in SAILS in July 2007, SAILS' fleet has grown from two to six vessels in service.

SAILS provides essential services for African companies to import much needed consumables and raw materials and for producers to get their goods to markets in South Africa and Europe, said David Lenigas, Lonrho's executive chairman. The increase in capital will allow SAILS to access better the growth opportunities that this market provides. SAILS continues to provide great synergy with other companies in the Lonrho portfolio of infrastructure and transport companies.

Source: American Shipper