Zambeef’s shareholders have approved the sale of Zamanita Limited to Cargill 2009 Zambia Limited at a cost of 25.7 million United States dollars.
This is according to a media statement availed to Breeze News by Cutting Edge Public Relations Officer, Alice Kalufyanya.
The approval to sell one of the largest edible oil and soya meal producer companies in Zambia was made yesterday during an extraordinary general meeting of shareholders.
Ms. Kalufyanya says that the deal has already been formally approved by Cargill’s Board of Directors.
The share sale agreement is for the purchase of 100 per cent of Zambeef’s shareholding in Zamanita for a total cash consideration of 25.7 million dollars.
The base purchase price will be adjusted for working capital and net financial debt at completion.
On completion of the sale, Cargill will acquire all of Zamanita’s debt, assets and brands.
Zamanita employees also will transfer to Cargill as part of the agreement.