Zambeef Plc board chairperson Dr Jacob Mwanza has increased his shareholding in the company to now holding over 1.4 million ordinary shares.

According to a statement issued via Zambeef’s sponsoring broker, Pangaea Securities Limited, Dr Mwanza’s interest in Zambia’s biggest agro-processing company has leaped to 1,399,629 ordinary shares from 1,100,000 ordinary shares following a purchase of 299,629 ordinary shares with a par value of K0.01 each.

“Zambeef, the fully integrated cold chain foods and retail business, with operations in Zambia, Nigeria and Ghana announces that it was notified on 20 March, 2019, that Dr. Jacob Mwanza, non-executive chairman, with confirmation of the board, purchased in aggregate 299,629 ordinary shares with a par value of ZMW0.01 each in the issued share capital of the company through three separate trades, which occurred on 22 February, 2019, 25 February, 2019, and 26 February, 2019. Each trade occurred at a price of 10.5 pence each,” read the statement.

“Dr. Mwanza was only informed by his broker on 20 March, 2019, that these trades had taken place. Following the transaction, Dr. Mwanza has a holding of 1,399,629 ordinary shares, representing a holding of 0.47 per cent in the ordinary shares.”

In October, 2016, Zambeef approved a retirement package for Dr Mwanza, a former Bank of Zambia governor, of US $330,000, according to the company’s 2018 annual report.

An advance of US $110,000 was also paid about the same time.