For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230921:nRSU2373Na&default-theme=true
RNS Number : 2373N Zambeef Products PLC 21 September 2023
Zambeef Products plc
("Zambeef", the "Group", the "Company" or "ZPPLC")
Group Restructuring
Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business,
is an indigenous Zambian company, publicly listed on the Lusaka Securities
Exchange ("LuSE") and admitted to trading on the AIM Market of the London
Stock Exchange ("LSE").
Zambeef Products Plc ("ZPPLC") is the parent company of its 100% owned Zambian
subsidiaries, Zam Chick Limited ("ZCL"), Zamhatch Limited ("ZHL"), Master Pork
Limited ("MPL"), Zamleather Limited ("ZLL") and Zambeef Retailing Limited
("ZRL"). Together the Group of Companies is an integrated cold chain food
products and agribusiness involved in the primary production, processing,
distribution and retailing of beef, chicken, pork, dairy products, fish, flour
and stock feed throughout Zambia, as well as the surrounding region and
Nigeria and Ghana.
The Board has approved a group restructuring (the "Group Restructuring") aimed
at rationalising the Group's operations across its six Zambian entities. The
Company is expected to benefit from the restructuring as it will eliminate
unnecessary complexities and duplications of its business processes across the
six different entities, which ultimately have the same key decision-makers,
processes, ownership and senior executive team.
The Board has approved the Group restructuring presented below:
The Group Restructuring is expected to take at least six months to complete.
Thereafter, ZRL and MPL are expected to become dormant subsidiaries of the
Company.
There is no change proposed to the Company's overseas incorporated
subsidiaries, Master Meats (Nigeria) Ltd, and Master Meats (Ghana) Ltd.
The Company also announces that its Nominated Adviser and Broker, finnCap Ltd,
has now changed its name to Cavendish Capital Markets Ltd following the
completion of its own corporate merger.
For further information, please contact:
Zambeef Products plc Tel: +260 (0) 211 369003
Faith Mukutu, Chief Executive Officer
Mboo Mumba, Chief Financial Officer
Cavendish Capital Markets Ltd (Nominated Adviser and Broker) Tel: +44 (0) 20 7220 0500
Ed Frisby/Abigail Kelly (Corporate Finance)
Tim Redfern /Barney Hayward (ECM)
Autus Securities Limited Tel: +260 (0) 761002 002
Mataka Nkhoma
About Zambeef Products PLC
Zambeef Products plc is the largest integrated cold chain food products and
agribusiness company in Zambia and one of the largest in the region, involved
in the primary production, processing, distribution and retailing of beef,
chicken, pork, milk, dairy products, fish, flour and stockfeed, throughout
Zambia and the surrounding region, as well as Nigeria and Ghana.
It has 236 retail outlets throughout Zambia and West Africa.
The Company is one of the largest suppliers of beef in Zambia. Five beef
abattoirs and three feedlots are located throughout Zambia, with a capacity to
slaughter 230,000 cattle a year. It is also one of the largest chicken
producers in Zambia, with a capacity of 8.8m broilers and 22.4 million-day-old
chicks a year. It has the largest pig abattoir and pork processing plants in
Zambia, with a capacity to slaughter 75,000 pigs a year, while its dairy has a
capacity of 120,000 litres per day.
The Group is also one of the largest cereal row cropping operations in Zambia,
with approximately 7,787 hectares of row crops under irrigation, which are
planted twice a year, and a further 8,694 hectares of rainfed/dry-land crops
available for planting each year.
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END STRLBMMTMTJTBPJ