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  3. Zambeef Prod. Share Price
  4. Zambeef Prod. Share News
  5. Zambeef Sells Zamanita Business To Cargill For USD25.7 Million

Pin to quick picksZambeef Prod. Share News (ZAM)

Zambeef Prod. Information

Share Price Information for Zambeef Prod. (ZAM)

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Share Price: 5.75
Bid: 5.50
Ask: 6.00
Change: 0.00 (0.00%)
Spread: 0.50 (9.091%)
Open: 5.75
High: 5.75
Low: 5.75
Prev. Close: 5.75
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Zambeef Sells Zamanita Business To Cargill For USD25.7 Million

Tue, 03rd Feb 2015 09:43

LONDON (Alliance News) - Zambeef Products PLC on Tuesday said it has entered into a deal to sell its Zamanita Ltd subsidiary to Cargrill Holdings BV, a unit of US agriculture group Cargill Inc, for USD25.7 million in cash.

Zamanita is an edible oil and soybean producer based in Zambia. Zambeef said the proceeds from the sale will be used for general working capital needs and to reduce its debt.

It expects the deal to complete by May.

"The sale of Zamanita is an important transaction for Zambeef as it narrows our operational focus, reduces our exposure to foreign currency and commodity price fluctuations and strengthens our balance sheet.," said Zambeef Joint Chief Executive Carl Irwin.

Shares in Zambeef were up 9.7% to 9.875 pence on Tuesday, one of the best performers in the AIM All-Share.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.

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