Zambeef ponders Zamanita sale

DISCUSSIONS on the planned sale of the Zamanita, a subsidiary of Zambeef Products Plc are still underway with an undisclosed firm that has expressed interest to acquire the agro-firm, Pangaea Securities Limited, the sponsoring broker has disclosed.
According to a cautionary update issued on Monday, Zambeef Products Plc intends to sell its subsidiary although there is no certainty that any binding offer for Zamanita will ultimately, be made.
“The market and shareholders are advised that Zambeef is still in discussions with the third party aimed at agreeing the full disposal of Zamanita. Completion of the transaction… remains subject to inter alia, due diligence and certain conditions precedent,” the cautionary update states.
Pangaea Securities has since urged stakeholders to exercise caution when trading in the company’s securities until the deal is concluded.
On December 3 last year, Pangaea Securities Limited issued the first cautionary announcement in compliance with the listing rules of the Lusaka Stock Exchange (LuSE).
Zamanita is one of the largest producers of edible oil and soya meal products in the country and is a wholly- owned subsidiary of Zambeef Products Plc, a fully integrated agribusiness with operations in Zambia, Nigeria and Ghana.

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