Zambeef (LUSE:ZAMBF), Africa-focused food processing and retailing group with operations in Zambia, Nigeria and Ghana, announces on tuesday that it has entered into a binding Sale and Purchase Agreement with Chenguang Biotech (Zambia) Agri-Dev Limited for the sale of Zambeef’s Sinazongwe Farm for a cash consideration of USD10 million.

On signing the agreement, Chenguang will pay a deposit of USD1 million, and then make the remaining payment on the completion date, which will be before March 15, 2020.

The sale is conditional on gaining approval from the Competition & Consumer Protection Commission, the Lusaka Securities Exchange and Zambeef shareholders. The sale is also dependent on Chenguang obtaining an investment licence from the Zambia Development Agency.