It has 236 retail outlets throughout Zambia and West Africa. Zambeef Products plc is the largest integrated cold chain food products and agribusiness company in Zambia and one of the largest in the region, involved in the primary production, processing, distribution and retailing of beef, chicken, pork, milk, eggs, dairy products, fish, flour and stockfeed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana. Mulwanda Sichula, Acting Chief Financial OfficerĪutus Securities Limited (Sponsoring Broker) *Directors’ belief based on management’s estimatesįor further information, please visit or contact: This latest support from IFC is part of our US$100 million investment strategy to expand that even further.” “Throughout its history Zambeef has grown with the Zambian people, providing jobs, livelihoods and world-class shopping for our customers by adding value to local produce. The investment aligns with IFC’s strategic approach to agribusiness, which focuses on enhancing food security, boosting inclusive growth and shared prosperity, and making sustainability a business driver.įaith Mukutu, Chief Executive Officer of the Company, commented: This will facilitate easier trade and allow for the safe transfer of live animals and products to prevent entry of diseases that could be circulating in domestic or regional markets. The investment will enable Zambeef to introduce a new health and biosecurity management system across its animal production chain. IFC will also provide advisory services to help Zambeef set up a comprehensive carbon assessment planning system, which will accelerate longer-term climate-smart initiatives to combat climate change. This investment will contribute to climate change mitigation by supporting efforts to improve Zambeef’s energy and fuel efficiency and reduce more than 14,000 metric tons* of greenhouse gas emissions every year. Principal will start amortizing two years from drawdownĪgriculture and agribusiness play an important role in Zambia’s economy, contributing around 20 percent of gross domestic product (GDP) and about 12 percent of national export earnings.Quarterly interest payments commencing on 15 September 2022, with a fixed interest rate being currently within the range of those other ZMW denominated facilities held by the Company.First ZMW drawdown expected from 1 August 2022, and available to drawdown until 31 December 2023.Zambian Kwacha (ZMW) equivalent of US$35 million at the spot rate at the date of drawdown.New ZMW 570 million (US$35 million) secured term loan.Summary details of the new facility are as follows:
DRAWDOWN DEBT FULL
Zambeef expects, subject to additional funding to allow full implementation of the investment strategy, to double its Mpongwe Farm row cropping capacity, and also to deliver significantly improved production efficiency and capacity through the downstream food value chains. IFC, a member of the World Bank Group, is the largest global development institution focused on advancing economic development through supporting the private sector in developing countries. Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, is pleased to announce that is has entered into a ZMW 570 million (US$35 million) debt facility with the International Finance Corporation (“IFC”) to partially finance its USD100 investment strategy as announced on 16 June 2022.
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