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ZAM Zambeef Products Plc

5.75
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Zambeef Products Plc LSE:ZAM London Ordinary Share ZM0000000201 ORD ZMW0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 5.75 5.50 6.00 5.75 5.75 5.75 9,902 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Poultry & Poultry Prods-whsl 6.2B 118.61M 0.3946 0.15 17.28M

Zambeef Products PLC Completion of Disposal of Sinazongwe Farm (8286K)

24/04/2020 12:31pm

UK Regulatory


Zambeef Products (LSE:ZAM)
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TIDMZAM

RNS Number : 8286K

Zambeef Products PLC

24 April 2020

24 April 2020

Zambeef Products plc

("Zambeef" or the "Group")

Completion of disposal of Sinazongwe Farm

Further to the Company's announcements of 17 September 2019, 13 March 2020 and 8 April 2020, Zambeef (AIM: ZAM), the fully integrated cold chain food processing and retailing group with operations in Zambia, Nigeria and Ghana, is pleased to announce that it has now formally completed on the disposal of Sinazongwe Farm and received the final outstanding completion monies of USD6m. The total amount received is USD10m (USD1m on 17 September 2019; USD3m on 9 April 2020 and USD6m on 24 April 2020).

As previously announced, the disposal of Sinazongwe Farm is a manifestation of the Group's stated strategy to focus on its core business of producing and retailing cold chain meat and dairy products and stock feed. The net sale proceeds will largely be used to pay down the Group's debt and thus reduce gearing and interest costs.

 
 For more information, please visit www.zambeefplc.com 
  or contact: 
 Zambeef Products plc                                    Tel: +260 (0) 211 369003 
  Walter Roodt, Chief Executive Officer 
  Faith Mukutu, Chief Financial Officer 
 Strand Hanson Limited                                   Tel: +44 (0) 20 7409 
  James Spinney                                           3494 
  Ritchie Balmer 
  Rob Patrick 
 Finncap                                                 Tel: +44 (0) 20 7220 
  Christopher Raggett                                     0500 
 Powerscourt                                             Tel: +44 (0)20 7250 
  Nick Dibden                                             1446 
  Bethany Johannsen 
 Pangaea Securities                                      Tel: +260 (0) 211 220 
  Wendy Tembo                                             707 
 
 
 

Notes to the editors

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 7,973 hectares of row crops under irrigation, which are planted twice a year and a further 8,776 hectares of rain-fed/dry-land crops available for planting each year.

Chenguang Biotech (Zambia) Agri-Dev Limited is a subsidiary of the C henguang Biotech Group Co. Limited based in China (" CCGB"). CCGB is a listed company on the Shenzhen stock exchange with 22 subsidiary companies. The Chenguang Group is one of the world's leading producers and suppliers of natural plant extraction for paprika oleoresin, capsicum oleoresin and marigold oleoresin. The Chenguang Group also manufactures natural pigments, natural spice extracts, essential oils, natural nutrient and medicinal extracts and protein.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

- Ends -

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

DISUSUARRKUSUAR

(END) Dow Jones Newswires

April 24, 2020 07:31 ET (11:31 GMT)

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