By Derrick Silimina
Zambeef Products PLC has refuted some traditional media commentary and social media comments indicating that the British International Investments (BII) has allegedly taken over Zambeef’s ownership.
In a statement, Zambeef Executive Corporate Affairs & Sustainability Ezekiel Sekele noted that the Zambeef Products PLC, Board of Directors (‘’the Board’’), reminded its shareholders and interested parties that in 2016, the British Investment International (BII), formerly the Commonwealth Development Corporation Group PLC (CDC), acquired 52.6 million ordinary shares and 100,057,658 convertible redeemable preference shares (‘’Preference Shares’’) in Zambeef Products PLC.
“For clarity, the 100,057,658 convertible redeemable preference shares have not been converted, and as of today, the shareholding remains largely unchanged,” Sekele said.
He stressed that the details of this transaction have already been outlined in the company’s public announcement on 4 August 2016, as well as in the Investment Agreement which can be found on the company’s website.
Sekele emphasised that this week, on Monday, September 16th, 2024, was the eighth anniversary of BII’s investment in the Company and following this date, BII’s conversion rights on their preference shares have increased materially from the current one-for-one new ordinary share to one for 3.0833 (recurring) new ordinary shares.
“Zambeef, as part of its fiduciary processes, will inform the market and all stakeholders via the correct market channels, if the status changes. As a Public Limited Company (PLC), Zambeef publishes all its key business information on the Securities Market in Lusaka, Zambia, and London, United Kingdom. Zambeef, therefore, encourages all stakeholders to refer to information and facts that have already been published in the public domain.”
