Zambeef Supports BII Share Conversion Ahead of March EGM
Zambeef Products PLC has welcomed an announcement by British International Investment (BII) of its intention to convert its preference shares into ordinary shares, subject to approval by Zambeef’s independent shareholders.
The Securities and Exchange Commission has granted BII a conditional waiver from the requirement to make a Mandatory Takeover Offer, with the condition that independent shareholders approve the waiver by a simple majority at an Extraordinary General Meeting scheduled for Wednesday, 11 March 2026.
Zambeef Chief Executive Officer Faith Mukutu said the proposed conversion marks an important step in resolving a long-standing strategic matter for the company.
She said the transaction would unlock growth potential, provide clarity and certainty for shareholders, and support Zambeef’s plans to pursue new opportunities.
Ms Mukutu described BII as a trusted and patient partner whose continued commitment reflects confidence in Zambeef’s sustainable growth trajectory.
BII first invested in Zambeef in 2016, injecting US$65 million in long-term capital to strengthen the company’s balance sheet, refinance debt and expand operations. Since then, Zambeef has consolidated its position as Zambia’s largest integrated agribusiness, more than tripling operating profit to ZMW640 million in 2025, doubling wheat production and expanding its workforce to over 7,000 employees.
The Zambeef Board said the proposed conversion would simplify the company’s capital structure, remove uncertainty associated with the preference shares, and improve its ability to raise new capital for future expansion. The move is also expected to remove a constraint that has limited consideration of dividend payments.
The Board has recommended that independent shareholders vote in favour of the resolution to approve the waiver at the March EGM.
Zambeef Products PLC is listed on the Lusaka Securities Exchange and the AIM market of the London Stock Exchange and operates across beef, poultry, dairy, flour, stockfeed and crop production in Zambia and the wider region.
