Investment in Pabidi Lodge Budongo Limited
03/07/2024 07:00
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RNS Number : 8059U Inqo Investments Limited 03 July 2024
Inqo Investments Limited
Investment in Pabidi Lodge Budongo Limited
About Inqo Investments Limited
Inqo Investments Limited ("Inqo" or "the Group") is a South African based
social impact company that invests in businesses that tackle poverty and
environmental challenges in Sub-Saharan Africa.
COMMENTARY
Inqo Investments Limited (INQO) announces today an investment in Pabidi Lodge
Budongo Limited ("Pabidi Lodge") as part of its Conservation and Rural
Enterprise (CARE) Project in Uganda. Pabidi Lodge is being built and will be
operated by Great Lakes Safaris, one of the leading tour operators in Uganda.
Great Lakes Safaris hold the sole conservancy in the Budongo Forest, an 825 sq
km forest that is home to more than 600 chimpanzees. The Pabidi Lodge will
consist of a main lodge and 10 luxury tents and is expected to be opened Q4
2024.
The CARE Project aims to use an enterprise approach to tackle environmental
and social issues in and around the Budongo Forest in Uganda. Budongo Forest
faces several threats including illegal bush meat poaching, deforestation for
charcoal production and increasing population pressure around the forest
fringes. The CARE project is designed around the belief that social and
environmental issues are interrelated and that poverty is a key driver of
deforestation in this region. By working with communities in and around the
Budongo Forest to build scalable and sustainable SMEs with an environmental
focus, the CARE project aims to create jobs, increase livelihoods in the
community, give the forest meaningful economic value for local communities and
provide alternative employment to activities such as bushmeat poaching and
charcoal production.
"We are delighted with this new investment in Pabidi Lodge," says David
Louw, Director of Inqo Investments. "Great Lakes Safaris has great experience
of building high quality and successful lodges in Uganda and is also strongly
aligned with our social mission so we are excited to be partnering with them.
We believe that this new lodge as well as our other investments in the area
will create a number of jobs for the local community as well as providing an
economic stimulus for the local area. A key part of the CARE Project will be
properly evaluating our social and environmental impact over time for both the
local community and the forest."
Comments by Mr Amos Wekesa, Founder CEO of Great Lakes Safaris: "We are
delighted by this investment from Inqo to build a 5-star lodge in the Budongo
Forest that is part of the Murchison Falls National Park (MFNP). There is a
shortage of 5-star accommodation in the MFNP so this partnership is timely. We
are pleased to be a part of the CARE Project to improve livelihood by creating
jobs in tourism and manufacturing in the community as well as having a
positive environment and conservation impact".
KS
Tan
DA Louw
Chairman
Director
Issued on: 3 July 2024
Enquiries
Inqo Investments Limited Tel: +44 7768 613346
Dr Kim Tan, Chairman Email: kimtan2@springhilluk.com
Hobart Capital Markets LLP
AQSE Corporate Adviser and Broker Tel: +44 (0)20 7070 5665
Dr Wang Chong Email: wang.chong@hobartcapital.com
About Inqo Investments Limited
'INQO' (www.inqo.co.za (http://www.inqo.co.za) ) is a South Africa-based
social impact company listed on the London Aquis Stock Exchange Growth Market.
It makes strategic acquisitions and investments in businesses designed to
tackle poverty and provide employment, products and services to the poor in
Low Income Countries (LICs).
About Great Lakes Safaris (www.greatlakessafaris.com
(http://www.greatlakessafaris.com) )
Great Lakes Safaris owns and operate a number of lodges in Uganda including
Simba Safari Camp, Budongo Eco-Lodge, Primate Lodge Kibale and Elephant Plains
Lodge. Great Lakes has a collection of authentic African style safari lodges,
located in Uganda's most popular national parks. Its lodges are immersed in
nature and brought to life by community, offering guests an unforgettable stay
and meaningful connection with the natural world.
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