Zambeef Products PLC Completion of Disposal of Sinazongwe Farm (8286K)
April 24 2020 - 7:31AM
UK Regulatory
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)
Zambeef Products (LSE:ZAM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Zambeef Products (LSE:ZAM)
Historical Stock Chart
From Apr 2023 to Apr 2024