REG - Zambeef Products PLC - RELATED PARTY TRANSACTIONS

Zambeef ProductsAnnouncement

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RNS Number : 7079Z  Zambeef Products PLC  09 April 2026

ZAMBEEF PRODUCTS PLC

("Zambeef", the "Company" or the "Group")

[Incorporated in the Republic of Zambia]

Company registration number: 31824 Share Code: ZAMBEEF

ISIN: ZM0000000201

 

 

Zambeef (AIM: ZAM), the fully integrated cold chain food products and retail
business with operations in Zambia, Nigeria and Ghana, announces details of
related party transactions pursuant to AIM Rule 13.

 

The Company entered into a six-month agreement for the supply of power on 28
January 2025, effective 1 February 2025 (the "Agreement") with Kanona Power
Company Limited ("Kanona"), and this was followed by two addenda to the
Agreement extending the term to 31 July 2026. Katebe Monica Musonda,
Non-Executive Director of Zambeef, is also a shareholder and director of
Kanona. Kanona is a Related Party pursuant to the AIM Rules for Companies, and
the following information is disclosed pursuant to AIM Rule 13. For this
purpose, the initial Agreement and the subsequent addenda (the "Transactions")
are Related Party Transactions.

 

The Agreement is for the provision (sole supplier) of electricity to the
Group's Mpongwe farms. The Agreement was amended on 30 July 2025, extending
the term for an additional six months, and amended again on 1 December 2025,
extending the term for a further additional six months through to 31 July
2026. In the first twelve-month period (February 2025 to January 2026
inclusive), purchases of electricity totaled USD4,987,459 (including taxes).
The fixed pricing (excluding taxes) for 1 February 2026 onwards increased by
3.1852%. The Agreement is subject to a 30-day notice period given by either
party.

 

Entering into the agreement for the supply of power provided an improvement in
both pricing and reliability of supply.

 

The independent directors of the Company, for the purpose of the Transactions,
being the whole Board other than Katebe Monica Musonda, consider, having
consulted with the Company's nominated adviser, Cavendish Capital Markets
Limited, that the terms of the Transactions are fair and reasonable insofar as
its shareholders are concerned.

 

For further information, please visit www.zambeefplc.com
(http://www.zambeefplc.com) or contact:

 

 Zambeef Products plc                                                     Tel: +260 (0) 211 369003
 Faith Mukutu, Chief Executive Officer
 Patrick Kalifungwa, Chief Financial Officer

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)        Tel: +44 (0) 20 7220 0500
 Ed Frisby/Isaac Hooper

 Autus Securities Limited (Sponsoring Broker)                            Tel: +260 (0) 211 840 513
 Mataka Nkhoma
 By Order of the Board

 Mwansa M Mutimushi

 COMPANY SECRETARY

 Lusaka, Zambia

 09 April 2026

 

Notes to Editors

 

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 248 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 12.5m broilers and
31.2-million-day-old chicks a year. It is one of the largest piggeries, pig
abattoirs and pork processing plants in Zambia, with a capacity to slaughter
102,000 pigs a year, while its dairy has a capacity of 140,000 litres per day.

 

The Group is also one of the largest cereal row cropping operations in Zambia,
with approximately 7,254 hectares of row crops under irrigation, which are
planted twice a year, and a further 7,943 hectares of rainfed/dry-land crops
available for planting each year.

 

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