TIDMZAM

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.

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(END) Dow Jones Newswires

September 21, 2023 06:39 ET (10:39 GMT)

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