TIDMZAM

RNS Number : 6641Q

Zambeef Products PLC

29 June 2022

Zambeef Products plc

("Zambeef", the "Company" or the "Group")

CHANGE OF CHIEF EXECUTIVE OFFICER

Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, is pleased to announce the appoint ment of Ms. Faith Misozi Mukutu as CEO of the Company, effective 1 July 2022. Simultaneously, Ms. Mukutu will resign as CFO of the Company, a role she has held since September 2019. The Board has commenced the search for her successor as CFO.

Ms. Mukutu succeeds Mr. Walter Roodt, who has been CEO since January 2020. Walter will continue full time with the Company focusing on strategic projects and large livestock and will remain an executive director of the Company.

The appointment of Faith represents the confidence the Board has in her ability to steer the business through the new phase of intended expansion, as announced on 16 June 2022.

Faith joined Zambeef in September 2019 as CFO, a role to which she brought a wealth of experience, having been Finance Director of three listed entities; Zambian Breweries Plc, National Breweries Plc and Zambia Sugar Plc.

A fellow of ZICA, an accounting and finance professional having experience of over 20 years, mostly spent in leadership positions, she combines her solid academic qualifications with the requisite breadth and depth of experience leading national and multi-national organisations.

Mr. Michael Mundashi SC., the Chairman of the Board, commented:

"The Board is confident that Faith 's combination of financial aptitude, operational skill, strategic flair and capital markets experience is fundamental to delivering the strategic imperatives the Company has embarked on."

For further information, please visit www.zambeefplc.com or contact:

 
 Zambeef Products plc                         Tel: +260 (0) 211 369 003 
 Walter Roodt, Chief Executive Office 
 Faith Mukutu, Chief Financial Officer 
 
 finnCap (Nominated Adviser and Broker)       Tel: +44 (0) 20 7220 0500 
 Ed Frisby/Tim Harper (Corporate Finance) 
 Tim Redfern/Barney Hayward (ECM) 
 
   Autus Securities Limited                   Tel: +260 (0) 761 002 002 
 Mataka Nkhoma

About Zambeef Products Plc

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.

It has 236 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 and egg producers in Zambia, with a capacity of 8.8m broilers and 22.4 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 75,000 pigs a year, while its dairy has a capacity of 120,000 litres per day.

The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 7,787 hectares of row crops under irrigation, which are planted twice a year, and a further 8,694 hectares of rainfed/dry-land crops available for planting each year.

More information is available at www.zambeefplc.com

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(END) Dow Jones Newswires

June 29, 2022 08:30 ET (12:30 GMT)

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