By BUUMBA CHIMBULUZAMBEEF Products Plc is set to clear a significant slice of its external debt with the aid of a K220 million government-backed Covid-19 stimulus package signed with Absa Bank Zambia this week.This is part of Government’s K10 billion effort to help cushion local businesses from the impact of the Covid-19 pandemic, which has had a negative effect on most local businesses.The drawdown will enable the retailing and agribusiness giant to repay a significant portion of its United States-dollar denominated debt, in line with the company’s pledge to streamline its balance sheet and reduce exposure to foreign currency fluctuations.The group reported net debt of K1.1 billion as of March 31, 2021 and is expected to close at K714.8 million by the end of the financial year, says Zambeef Chief Financial Officer, Faith Mukutu.“The facility will enable us to support our growth goals and help ensure the long-term profitability of the group, which is a […]
ZAMBEEF GETS A STAKE OF K10BN STIMULUS PACKAGE
