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Lonhro raises funds for expansion plans

Lonrho's shares fell Friday after it announced it has raised 2.4 million pounds to fund its expansion plans.

Lonrho's shares fell Friday after it announced it has raised 2.4 million pounds to fund its expansion plans.

The African transport, food and hotels conglomerate placed 40.4m new ordinary shares at 1.0p each in the share capital of the company at 6.2p per placing share.

Lonrho last week reported revenue growth including a 32% increase in turnover in its final quarter.

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The firm said its guidance for 2012 was in line with expectations and sees strong performance in all four of its main divisions of agribusiness, infrastructure hotels and support services.

RD

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