Zambeef, IDC agree to extend sale of Zampalm

ZAMBEEF Products Plc and the Industrial Development Corporation (IDC) have mutually agreed to extend the sale of Zampalm Limited for a month to allow parties to fulfil the regulatory issues.
And Competition and Consumer Protection Commission (CCPC) has approved the majority acquisition of Zampalm Limited by IDC.
On September 6, 2017, Zambeef announced that it had entered into a share sale agreement with IDC for the sale of 90 percent of Zambeef’s shareholding in its subsidiary, Zampalm, for a cash consideration of US$16 million.
“Completion was subject to certain conditions precedent to be satisfied within 180 calendar days [the ‘long stop date’] following signing of an agreements [the ‘conditions precedent’], that is by March 2018.
“The parties have mutually agreed to extend the long stop date to 6 April 2018 to allow the…

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