Zambeef extends due date on subsidiary sale process

Zambeef updated the market on the sale of most of its Zampalm subsidiary on Monday, to the Industrial Development Corporation of Zambia (IDC).

The AIM-traded company initially announced in September that it had entered into a share sale agreement, a shareholders agreement and a management agreement with IDC, for the sale of 90% of Zampalm for a cash consideration of $16m.

At the time, it said completion was subject to certain conditions precedent to be satisfied within 180 calendar days following the signing of the agreements.

That date was set as 5 March.

“The parties have mutually agreed to extend the long stop date to 6 April, to allow the parties to fulfil the outstanding conditions precedent to the share sale agreement,” Zambeef’s board said in its statement.