Zambia Sugar Plc ( Zambia Sugar), Zambeef Products Plc (Zambeef) and Zambia National Commercial Bank Plc (Zanaco) are pleased to announce the completion of the sale of 85.73% of shares in Nanga Farms Plc.

Nanga Farms Plc (Nanga Farms) is a company that holds ownership of 9,800 hectares of agricultural farm land in Mazabuka area, of which 2,200 hectares are planted, primarily with sugar cane.

Zambeef, the controlling shareholders in Nanga Farms had elected to sale their stake to focus on their core businesses. Zambeef is a leading Lusaka Stock Exchange listed company involved in primary agricultural and agri processing. Zambeef is one of the largest and and successful agribusinesses in Zambia and the region involved in the processing, distribution and retailing of beef, chicken, pork, eggs, milk, dairy products, edible oils and bread production throughout Zambia and West Africa. The company is also one of the largest irrigated cropping operations in Africa.

Zambia Sugar chose to buy the stake with the view to secure the long term supply of sugar cane for its expanded sugar refinery in Mazabuka. It is envisaged that a further stake in the farm will be sold to a consortiumof indigenous investors in the line with the country’s citizen’s economic empowerment policies. Zambia Sugar, established in pre independence era started operating from Nakambala Estate in 1966. Zambia Sugar is the premier agricultural enterprise in Zambia with consistent history of growth, innovation , renewal and commitment to its customers and stakeholders. It has a well renowned out grower scheme within Sub- Sahara Africa. Zambia Sugar is a blue chip company listed on the Lusaka Stock Exchange and its controlling shareholder, Illovo Sugar of South Africa are significantly expanding their sugar production activities outside of South Africa, and specifically Zambia.

The Expanssion that has been completed has made Nakambala Mill the second largest individual milling operartion in Africa. the company has an enviable reputation in environmental, health and safety standards and an outstanding corporate social responsibility programme.

Zanaco is listed on the Lusaka Stock Exchange and is a leading universal bank in Zambia. Rabobank of the Netherlands is a strategic shareholder with the stake of 45.59 %, while GRZ holds 25% in the bank, with the balance listed on the Lusaka Stock Exchange.

The Nanga Farms sale is a landmark deal in Zambia as it brings together some of the leading players in agriculture, with funding provided by Zanaco, benefiting from credit support from credit support from Rabobank, a global leader in food and agribusiness.

The transactions was duly approved by the LuSE, SE , and Zambia Competition Commission. The acquisition is one of the largest bi – lateral loan ever booked by a bank in Zambia and serves to underscore the position of Zanaco as a leading bank able to serves the needs of the country’s largest corporate customers in agriculture and other segments.