Cargill has bought Zambeef Product’s wholly owned subsidiary soy business, Zamanita Limited for US$25.7 million, obtaining both the intellectual property rights and its remaining assets and debts. Zamanita is one of the leading and largest edible oil companies in Zambia, and owns the only solvent extraction plant in the country. As part of Zambeef’s plan of increased vertical integration, Zamanita was acquired in 2008 at a cost of US$16 million. The sale of the subsidiary will allow Zambeef to focus on its core business of processing and distributing cold chain meat and dairy products for retail through its extensive network. Following the sale, the board of directors and senior management team will remain, as well as the group’s operational focus. The deal is scheduled to close on May 1, 2015, or the first day of the month following the meeting of all conditions.
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