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LUSAKA - Zambeef Products PLC, a major player in Zambia’s agribusiness sector, has issued a cautionary statement to its shareholders regarding the potential impact on its share price due to conversion rights held by British International Investment plc (BII), formerly known as CDC Group Plc. This announcement follows previous statements made on September 16, 2024, and April 11, 2025.
In 2016, BII acquired a significant stake in Zambeef, consisting of 52.6 million ordinary shares and 100,057,658 convertible redeemable preference shares. According to the terms outlined in the investment agreement, since the eighth anniversary of BII’s investment on September 16, 2024, BII has been entitled to convert their preference shares at an increased rate from one-for-one to one for 3.0833 recurring new ordinary shares.
The company has advised shareholders that such a conversion by BII could materially affect the price of Zambeef’s securities. Shareholders are therefore urged to exercise caution when dealing in the company’s securities. The full details of the transaction and the investment agreement are available on Zambeef’s website.
Zambeef Products PLC is the largest integrated cold chain food products and agribusiness company in Zambia and is notable in the region. The company operates in various segments, including the production, processing, distribution, and retailing of a wide range of food products. With 236 retail outlets across Zambia and West Africa, Zambeef is a key supplier of beef, chicken, pork, milk, dairy products, and other food commodities.
The company’s operations include beef abattoirs with the capacity to slaughter 230,000 cattle a year, chicken production of 8.8 million broilers and 25.4 million-day-old chicks annually, pig slaughtering facilities capable of processing 75,000 pigs per year, and a dairy that produces 120,000 liters of milk per day. Additionally, Zambeef engages in cereal row cropping operations, which cover thousands of hectares.
The notice to shareholders is based on a press release statement issued by Zambeef Products PLC and is intended to provide essential information to the market in line with the Lusaka Securities Exchange Listings Requirements.
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