Zambeef is in talks for the disposal of Zamanita

Zambeef is in talks for the disposal of Zamanita

Agribusiness Zambeef is mulling the divestment of its wholly owned subsidiary Zamanita - an edible oil and soy meal producer.

In a statement, the firm said it has entered "preliminary discussions", with a third party regarding the "potential full disposal" of the business.

For the 12 months ended 30 September, Zamanita recorded revenue of ZMW399.2m (US$67.9m).

Zambeef acquired Zamanita in January 2008. It said the acquisition was strategically important as edible oils complemented the group's range of food products distributed through its retail network in Zambia. 

Show the press release

Zambeef (AIM: ZAM), the fully integrated agribusiness with operations in Zambia, Nigeria and Ghana, announces that it is in preliminary discussions with a third party regarding the potential full disposal of Zamanita Limited (the "Transaction"), the Group's wholly owned subsidiary and one of the largest edible oil and soya meal producers in Zambia.

This announcement is being made following the publication of a cautionary announcement regarding the Transaction on the Lusaka Stock Exchange on 3 December 2014, which was required under the rules and regulations of that exchange.

For the 12 months ended 30 September 2014 Zamanita recorded revenue of ZMW399.2 million (USD67.9 million), a gross profit of ZMW58.3 million (USD9.9 million) and net assets of ZMW137.4 million (USD21.9 million) (audited).

Completion of the Transaction, which is likely to constitute a substantial transaction under the AIM Rules for Companies, remains subject to inter alia, due diligence and certain conditions precedent and there can be no certainty that any binding offer for Zamanita will ultimately be made, nor as to the final terms of any such offer should one be forthcoming.

Original source: Zambeef