4th Nov 2015 16:42
LONDON (Alliance News) - Zambeef Products PLC on Wednesday said it will be able to release a provision of about USD3.9 million after receiving a welcome judgement on a tax assessment in Zambia.
Carl Irwin, the company's joint chief executive, was "delighted" after Zambia's Revenue Appeals Tribunal upheld the company's appeal against a ZMW49.15 million tax assessment received at the end of January 2012.
Zambeef expects to receive a full written judgement in due course.
The tax assessment related to Zamanita Ltd, a company Zambeef sold to Cargill Holdings BV for USD25.7 million earlier in 2015.
The deal to sell Zamanita excluded the potential Zambia Revenue Authority liability initially announced in February 2012.
Shares in Zambeef were up 14% at 6.70 pence at the close Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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