Inqo Investments Limited

Management Reports • Jul 3, 2024

National Storage Mechanism | Additional information

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: [email protected]
Hobart Capital Markets LLP
AQSE Corporate Adviser and Broker	Tel: +44 (0)20 7070 5665
Dr Wang Chong	Email: [email protected]

About Inqo Investments Limited

'INQO' ( 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 )

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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