Zambeef to bankroll farm plans with €38m listing
Published 14/06/2011 | 05:00
AN African food group that was co-founded by a Limerick businessman is planning to raise $55m (€38m) via a listing on London's Alternative Investment Market in order to bankroll the acquisition of three large farm holdings in Zambia.
Zambeef, which is one of Zambia's largest food providers, was co-founded by Francis Grogan (48) -- the company's chief executive.
The group -- which owns farms, abbatoirs and retail shops in Zambia -- had revenues of $162m in the 12 months to the end of last September. That was an 11pc year-on-year increase.
Mr Grogan co-founded the business with Zambeef's current director of strategy and development, Carl Irwin, in 1991. Zambeef also has operations in Ghana and Nigeria.
Following the acquisition of the three farms, which extend over a total of more than 46,000 hectares, Zambeef will control almost 100,000 hectares in Zambia.
Mr Grogan, who studied agricultural science at UCD, said Zambeef was at an important development stage and the acquisition of the three farm assets as well as the AIM fund- raising would enable the firm to capitalise on opportunities.