Zambeef in AIM trading debut
Published 24/06/2011 | 05:00
Shares in Zambeef, the Zambia-based food group that was co-founded by Limerick businessman Francis Grogan, made their trading debut on London's Alternative Investment Market yesterday.
The listing, and a placing, had been undertaken to raise approximately £34m (€38m) to fund the acquisition of three large land holdings in Zambia. The company is already listed in Zambia.
Mr Grogan said there had been high investor demand for the shares, which finished the first AIM session unchanged.
Mr Grogan co-founded the business with Zambeef's current director of strategy and development, Carl Irwin, in 1991, having initially travelled to Zambia to take up a job there as a meat-factory manager. Zambeef also has operations in Ghana and Nigeria.
The group owns farms, abbatoirs and retail shops in Zambia.
It had revenues of $162m (€112.8m) in the 12 months to the end of last September, while profits rose 26pc to €2.8m.