Establishes pharmaceutical di

RNS Number : 6904S

LonZim PLC

22 May 2009

 



22nd  May 2009

LonZim Plc

('LonZim' or the 'Company')

LonZim establishes a wholesale pharmaceutical distribution company for Zimbabwe

LonZim Plc (AIM: LZM), an investment company for Zimbabwe, is pleased to announce that it has entered into an agreement to establish a new company which will import, wholesale and distribute pharmaceutical products in Zimbabwe.

Zimbabwe historically had a very robust healthcare system, with one of the highest percentages of the population being immunised in Africa. However, the sector has been devastated by the recent hyperinflationary economy. One of the challenges faced by the Zimbabwean health care system today is the lack of a reliable supply of medical equipment and pharmaceutical products crucially needed to support health care services.

The new company will supply public and private hospitals and retail pharmacies with the essential drugs and equipment to allow the level of healthcare service to improve in Zimbabwe. Products will range from pre-filled immunization syringes through to complex theatre packs; radiology equipment; specialist pharmaceuticals and chronic medication. The new company will negotiate distribution agreements for several international pharmaceutical brands. 

The management team responsible for the development of the company will be led by Dr. Richard Botha. A pharmacist, Dr Botha has many years experience in building and managing pharmaceutical businesses.  He qualified as a pharmacist from the University of Potchefstroom in 1987, and, obtained an MBA from UCLA Berkeley in 1999.  He has worked as Group Manager for Pharmarama in South Africa and as operations director at Protector Group Holdings where he engineered the turnaround of the 158 pharmacies in the Clicks chain.

Lonzim will invest US $2.346m in the new venture and will own 51% of a new investment company, Quickvest Ltd, with the remaining 49% being owned by the De Robillard Family Trust. LonZim will have Board control of the new company. Quickvest Ltd will own 90% of the new pharmaceutical distribution company, with the remaining 10% being owned by Dr Richard Botha.  

David Lenigas, LonZim Executive Chairman, stated:

' LonZim invests in commercial opportunities that support the economic recovery of Zimbabwe. Positive signs are appearing that this recovery has begun, with international financial packages in place from SADC ( Southern African Development Community ) and this week the World Bank agreeing to give Zimbabwe its first assistance since 2000.  

'Zimbabwe needs a quality pharmaceutical distribution network that can import, distribute and deliver medical supplies throughout the country using a modern, high quality distribution system, refrigerated where necessary. It is imperative that products are distributed in the best possible condition to ensure their effectiveness and meet the requirements of international manufacturers.'  

ENQUIRIES

LonZim Plc	[phone]
David Lenigas, Executive Chairman	[phone]
Geoffrey White, Chief Executive Officer	[phone]
Emma Priestley, Executive Director	[phone]
WH Ireland Ltd: NOMAD and Broker
James Joyce	[phone]
Sarang Shah
Philip Haydn-Slater (Broker)
Pelham Public Relations
Charles Vivian	[phone] [phone]
James MacFarlane	[phone] [phone]

 

END

 

 

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