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9 Apr 2026 07:30
ZAMBEEF PRODUCTS PLC
("Zambeef", the "Company" or the "Group")
[Incorporated in the Republic of Zambia]
Company registration number: 31824 Share Code: ZAMBEEF
ISIN: ZM0000000201
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Zambeef (AIM: ZAM), the fully integrated cold chain food products and retail business with operations in Zambia, Nigeria and Ghana, announces details of related party transactions pursuant to AIM Rule 13.
The Company entered into a six-month agreement for the supply of power on 28 January 2025, effective 1 February 2025 (the "Agreement") with Kanona Power Company Limited ("Kanona"), and this was followed by two addenda to the Agreement extending the term to 31 July 2026. Katebe Monica Musonda, Non-Executive Director of Zambeef, is also a shareholder and director of Kanona. Kanona is a Related Party pursuant to the AIM Rules for Companies, and the following information is disclosed pursuant to AIM Rule 13. For this purpose, the initial Agreement and the subsequent addenda (the "Transactions") are Related Party Transactions.
The Agreement is for the provision (sole supplier) of electricity to the Group's Mpongwe farms. The Agreement was amended on 30 July 2025, extending the term for an additional six months, and amended again on 1 December 2025, extending the term for a further additional six months through to 31 July 2026. In the first twelve-month period (February 2025 to January 2026 inclusive), purchases of electricity totaled USD4,987,459 (including taxes). The fixed pricing (excluding taxes) for 1 February 2026 onwards increased by 3.1852%. The Agreement is subject to a 30-day notice period given by either party.
Entering into the agreement for the supply of power provided an improvement in both pricing and reliability of supply.
The independent directors of the Company, for the purpose of the Transactions, being the whole Board other than Katebe Monica Musonda, consider, having consulted with the Company's nominated adviser, Cavendish Capital Markets Limited, that the terms of the Transactions are fair and reasonable insofar as its shareholders are concerned.
For further information, please visit www.zambeefplc.com or contact:
Zambeef Products plc | Tel: +260 (0) 211 369003 |
Faith Mukutu, Chief Executive Officer | |
Patrick Kalifungwa, Chief Financial Officer | |
Cavendish Capital Markets Limited (Nominated Adviser and Broker) |
Tel: +44 (0) 20 7220 0500 |
Ed Frisby/Isaac Hooper | |
Autus Securities Limited (Sponsoring Broker) |
Tel: +260 (0) 211 840 513 |
Mataka Nkhoma | |
By Order of the Board
Mwansa M Mutimushi COMPANY SECRETARY
Lusaka, Zambia
09 April 2026 |
Notes to Editors
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, dairy products, fish, flour and stockfeed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana.
It has 248 retail outlets throughout Zambia and West Africa.
The Company is one of the largest suppliers of beef in Zambia. Five beef abattoirs and three feedlots are located throughout Zambia, with a capacity to slaughter 230,000 cattle a year. It is also one of the largest chicken producers in Zambia, with a capacity of 12.5m broilers and 31.2-million-day-old chicks a year. It is one of the largest piggeries, pig abattoirs and pork processing plants in Zambia, with a capacity to slaughter 102,000 pigs a year, while its dairy has a capacity of 140,000 litres per day.
The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 7,254 hectares of row crops under irrigation, which are planted twice a year, and a further 7,943 hectares of rainfed/dry-land crops available for planting each year.
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