Zambeef updated the market on the sale of most of its Zampalm subsidiary on Monday, to the Industrial Development Corporation of Zambia (IDC).
The AIM-traded company initially announced in September that it had entered into a share sale agreement, a shareholders agreement and a management agreement with IDC, for the sale of 90% of Zampalm for a cash consideration of $16m.

At the time, it said completion was subject to certain conditions precedent to be satisfied within 180 calendar days following the signing of the agreements.

That date was set as 5 March.

"The parties have mutually agreed to extend the long stop date to 6 April, to allow the parties to fulfil the outstanding conditions precedent to the share sale agreement," Zambeef's board said in its statement.

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