Completion of Disposal of Sinazongwe Farm

                                                                                                                                     24 April 2020                                   

Zambeef Products plc

("Zambeef" or the "Group")

Completion of disposal of Sinazongwe Farm

Further to the Company's announcements of 17 September 2019, 13 March 2020 and 8 April 2020, Zambeef (AIM: ZAM), the fully integrated cold chain food processing and retailing group with operations in Zambia, Nigeria and Ghana, is pleased to announce that it has now formally completed on the disposal of Sinazongwe Farm and received the final outstanding completion monies of USD6m. The total amount received is USD10m (USD1m on 17 September 2019; USD3m on 9 April 2020 and USD6m on 24 April 2020).

As previously announced, the disposal of Sinazongwe Farm is a manifestation of the Group's stated strategy to focus on its core business of producing and retailing cold chain meat and dairy products and stock feed. The net sale proceeds will largely be used to pay down the Group's debt and thus reduce gearing and interest costs.

Notes to the editors

The Zambeef Group is one of the largest integrated cold chain food producers in Zambia, involved in the production, processing, distribution and retailing of beef, chicken, pork, milk, eggs, dairy products, fish, flour and stock feed. The Group also has large cereal row cropping operations (principally maize, soya beans and wheat), with approximately 7,973 hectares of row crops under irrigation, which are planted twice a year and a further 8,776 hectares of rain-fed/dry-land crops available for planting each year.

Chenguang Biotech (Zambia) Agri-Dev Limited is a subsidiary of the Chenguang Biotech Group Co. Limited based in China ("CCGB"). CCGB is a listed company on the Shenzhen stock exchange with 22 subsidiary companies. The Chenguang Group is one of the world's leading producers and suppliers of natural plant extraction for paprika oleoresin, capsicum oleoresin and marigold oleoresin. The Chenguang Group also manufactures natural pigments, natural spice extracts, essential oils, natural nutrient and medicinal extracts and protein.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

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