ZAMBEEF Press Release – Appointments of Non-Executive Director and Chief Financial Officer

September 5th, 2019

Zambeef (AIM: ZAM), the fully integrated food producer with operations in Zambia, Nigeria and Ghana, announces the appointment of Michael Mundashi as an Independent Non-Executive Director and Faith Mukutu as Chief Financial Officer and Executive Director, with immediate effect.

Mr. Michael Mundashi is a lawyer by profession having graduated from the University of Zambia with a Bachelor of Laws degree in 1984. Mr Mundashi has over 30 years post qualifying experience in both the private and public sector. In 2009, he was honoured with the rank of State Counsel, a recognition by the profession on account of his distinguished career at the Zambian Bar. Mr Mundashi is still in practice and is the Managing Partner at Mulenga Mundashi Legal Practitioners, a firm he co-founded in 1999 after leaving the public sector.

Ms. Faith Mukutu has held a number of senior finance and operational roles, most recently serving as Financial Director of Zambia Sugar plc where she was instrumental in implementing the Illova Finance transformation programme. This programme aimed to drive greater business insight and support the business in making sound commercial designs by allowing for a value adding finance function. Prior to this Ms Mukutu was Finance Director of Zambian Breweries PLC, a division of SABMiller Group plc. Ms Mukutu is an Associate Member of the Zambia Institute of Chartered Accountants and a Fellow of the UK’s Association of Chartered Certified Accountants.

Zambeef Chairman, Dr Jacob Mwanza, commented:

“I am delighted to welcome Michael to the Board as an Independent Non-Executive Director. He brings experience from one of the largest banks and life assurance companies in Zambia, and will be of significant value to the Board and Company. I look forward to working with Michael over the period ahead.”

“In addition, I‘m delighted to announce the appointment of Faith as the Company’s new CFO and member of the Board. As the former Finance Director of three LuSE listed companies and with significant experience in the food and Beverage sector, she will be a highly valuable asset to the team.”

Further information on Michael Mundashi and Faith Mukutu as required in accordance with Schedule 2 (g) of the AIM Rules for Companies:

Michael Musonda Mundashi, aged 60

Current DirectorshipsPast Directorships (last 5 years)
British American Tobacco Zambia PLCStandard Chartered Bank Zambia Plc
Sanlam Life Assurance Zambia Limited
Nico Insurance Zambia Limited
Lusaka Trust Hospital Ltd
Bond & Derivatives Exchange Zambia PLC
Numulundu Investments Limited

Faith Misozi Mukutu, aged 38

Current DirectorshipsPast Directorships (last 5 years)
Bayport Financial Services LtdZambian Breweries PLC
National Breweries PLCMaluti Mountain Brewery (Pty) Ltd
Zambia Sugar PLCHeinrich’s Syndicate Ltd

There is no further information to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies.

For more information, please visit or contact:

Zambeef Products plc
Francis Grogan, Chief Executive Officer
Walter Roodt, Chief Executive Officer designate
Tel: +260 (0) 211 369003
Strand Hanson Limited (Nominated & Financial Adviser)
James Spinney
Ritchie Balmer
Eric Allan
Tel: +44 (0) 20 7409 3494
Camille Gochez
Tel: +44 (0) 20 7220 0500
Powerscourt (Financial PR)
Nick Dibden
Jana Tsiligiannis
Tel: +44 (0)20 7250 1446
Pangaea Securities
Wendy Tembo
Tel: +260 (0) 211 220 707

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 7,971 hectares of row crops under irrigation, which are planted twice a year and a further 8,623 hectares of rain-fed/dry-land crops available for planting each year.

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.