Zambeef disposes of Sinazongwe farm for $10 million
Published On April 28, 2020 » 777 Views» By Times Reporter » Business, Stories
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By MAIMBOLWA MULIKELELA –
ZAMBEEF Products Plc has disposed off its Sinazongwe farm at a cost of US$10 million to Chenguang Biotech (Zambia) Agri-Dev Limited.
The company has formally completed the disposal of Sinazongwe farm and received the final outstanding amount of US$6 million, according to a statement posted on Lusaka Securities Exchange (LuSE).
According to a statement signed by chief executive officer Walter Roodt and chief financial officer Faith Mukutu the net sale proceeds would largely be used to pay down the group’s debt and thus reduce gearing and interest costs.

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