21st Dec 2015 13:17
LONDON (Alliance News) - Zambeef Products PLC said Monday the Zambia Revenue Authority is appealing a verdict made in November which had upheld Zambeef's appeal against a ZMW49.15 million tax assessment received at the end of January 2012.
The tax tax assessment related to Zamanita Ltd, a company Zambeef sold to Cargill Holdings BV for USD25.7 million earlier in 2015. The company said it had previously made a full provision of ZMW49 million, or around USD9.7 million, in its accounts for the year to end-September 2012 in relation to the issue.
It expects to provide further updates "in due course".
Shares in Zambeef were trading flat at 7.12 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Zambeef Prod.