GRANT THORNTON'S BIRMINGHAM OFFICE HAS ADVISED A ZAMBIAN COMPANY ZAMBEEF PRODUCTS ON ITS ADMISSION TO THE ALTERNATIVE INVESTMENT MARKET (AIM) OF THE LONDON STOCK EXCHANGE.
ZAMBEEF PRODUCTS, WHICH WAS ALREADY LISTED ON THE LUSAKA STOCK EXCHANGE, IS THE FIRST ZAMBIAN BUSINESS TO BE ADMITTED TO AIM.
GRANT THORNTON'S REPORTING ACCOUNTANT TEAM LED THE DEAL TO LIST THE COMPANY, WHICH SPECIALISES IN AGRICULTURAL AND AGRO-PROCESSING.
ZAMBEEF PRODUCTS GROWS, PROCESSES AND DISTRIBUTES FOOD INCLUDING BEEF, BREAD, OILS, EGGS AND PORK AND ITS TURNOVER IN THE YEAR ENDED 30 SEPTEMBER 2010 WAS ABOUT $162 MILLION DOLLARS.
THE COMPANY RAISED $55MILLION THROUGH A RIGHTS ISSUE IN ZAMBIA AND A PLACING ON AIM TO ACQUIRE ADDITIONAL FARMS FROM ETC BIO ENERGY IN THE COPPERBELT PROVINCE OF THE COUNTRY.
ALEX HYDE FROM GRANT THORNTON, WHO ACTED ON THE DEAL, SAID: "WITH THE LOCAL RIGHTS ISSUE, THE AIM ADMISSION AND PLACING PLUS THE ACQUISITION TO COMPLETE, THERE WAS A LOT TO ACHIEVE IN A SHORT SPACE OF TIME.
HE EXPLAINED THAT DESPITE THE LOGISTICAL CHALLENGES, WHICH ALWAYS ACCOMPANY INTERNATIONAL TRANSACTIONS THEY WERE ABLE TO BUILD UP A GREAT WORKING RELATIONSHIP WITH THE MANAGEMENT TEAM WHICH REALLY HELPED DURING THE HARD WORK NEEDED TO COMPLETE THE TRANSACTION SUCCESSFULLY.
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