Zambian agri-business company Zambeef is in talks with a third party to divest edible oil and soya meal producers Zamanita Limited.
The move follows the publication of a cautionary announcement regarding the transaction on the Lusaka Stock Exchange on 3 December, which was required as part of the rules and regulations.
The divestment of the edible oil and soya meal producer is subject to inter alia, due diligence and certain conditions precedent.
However, making a binding offer for Zamanita is not certain.
Zamanita generated around $67.9m in revenues and $9.9m in gross profit for the 12 months ended 30 September 2014.
Zambeef operates through Beef, Chicken, Pork, Crops, Stock Feed, Eggs, Fish, Milk and Dairy, Zamchick Inn, Edible Oils, Mill and Bakery, Master Meats (Nigeria), and Master Meats (Ghana) segments.
The company produces, processes, distributes, and retails in beef, chicken, pork, milk, dairy products, eggs, edible oils, stock feed, and flour. It is also involved in row cropping operations, primarily maize, soya beans, and wheat.
Image: Zamanita produces edible oil and soya meal. Photo: courtesy of Idea go / FreeDigitalPhotos.net.
