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
Elina N Mwale
|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