ZAMBEEF CLARIFIES MEDIA REPORTS REGARDING THE SALE OF CHIAWA FARM

ZAMBEEF CLARIFIES MEDIA REPORTS REGARDING THE SALE OF CHIAWA FARM

Zambeef, the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, notes the recent media commentary in Zambia, which has included reporting of a confirmation by the government that the state-owned Industrial Development Corporation (IDC) Limited is considering a purchase and is currently undertaking due diligence.

Zambeef wishes to advise its shareholders that a sale has not taken place with respect to its Chiawa Farm. In the event that a successful offer for the farm is received, Zambeef will follow due process in terms of notifying the market and obtaining any relevant shareholder approvals as applicable.

Government disclosed that it had purchased Zambeef’s Chiawa Estate Farm in Kafue District at $13.5 million and handed it over to the Zambia National Service (ZNS) and Zambia Correctional Service (ZCS) for its management for crops.

Zambia National Service Commander Lieutenant General Maliti Solochi and Zambia Correctional Service (ZCS) Commissioner General Fredrick Chilukutu announced the development when his team toured the farm.

This is a 8,658 hectare (21,419 acres) commercial and only 2000 hectares have been developed for commercial crops under irrigation.