Zambeef | Disposal of 90 per cent. shareholding in Zampalm Limited – Extension of Long Stop/Completion Date (LuSE)

March 5th, 2018

On 6 September 2017, Zambeef announced that it had entered into a Share Sale Agreement, a Shareholders Agreement and a Management Agreement (together the “Agreements”) with the Industrial Development Corporation of Zambia Limited (“IDC”) for the sale of 90 per cent. of Zambeef’s shareholding in its wholly owned subsidiary, Zampalm Limited (“Zampalm”) to IDC for a cash consideration of USD16 million (the “Transaction”).

Completion was subject to certain conditions precedent to be satisfied within 180 calendar days (the “Long Stop Date”) following signing of the Agreements (the “Conditions Precedent”), that is by 5 March 2018.

The Parties have mutually agreed to extend the Long Stop Date to 6 April 2018 to allow the Parties to fulfil the outstanding conditions precedent to the Share Sale Agreement.

For further information, please contact:

Zambeef Products plc

Carl Irwin, Joint Chief Executive Officer

Francis Grogan, Joint Chief Executive Officer

Tel: +260 (0) 211 369003
Pangaea Securities

Elina N Mwale

Wendy Tembo

Tel: +260 (0) 211 220 707

Notes to the editors

Information on Zambeef

The Zambeef Group is one of the largest integrated cold chain food producers in Zambia, involved in the production, processing, distribution and retailing of beef, chicken, pork, milk, eggs, dairy products, fish, flour and stock feed. The Group also has large cereal row cropping operations (principally maize, soya beans and wheat), with approximately 7,971 hectares of row crops under irrigation, which are planted twice a year and a further 8,623 hectares of rain-fed/dry-land crops available for planting each year.

Further information can be found on www.zambeefplc.com

Sponsoring Broker:


Pangaea Securities Limited
(Member of the Lusaka Stock Exchange)
(Regulated by the Securities and Exchange Commission)


Tel: +260 (211) 220 707 or 238 709 / 16 Fax +260 (211) 220 925
Pangaea Office Park, 1st Floor, Great East Road, P.O. Box 30163 Lusaka, Zambia
Issue Date: 5 March, 2018

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