Kukula Fund 1 acquires More Beef stake

Kukula Fund 1 has announced that it has acquired 10 per cent shareholding in More Beef Limited, one of Zambia's fastest-growing agribusinesses

Kukula Fund 1 has announced that it has acquired 10 per cent shareholding in More Beef Limited, one of Zambia's fastest-growing agribusinesses

The company would be investing close to US$1mn as a combination of debt and equity in More Beef Limited. According to company managing director Tue Nyboe, the firm is confident of making More Beef one of the leading players in the Zambian food industry.

More Beef Limited chief executive officer Ross Michelson said the investment of Kukula Fund 1 was the initial step in a multi-million dollar expansion programme for the next 12 months, which includes investments in feedlots, abattoirs and a state-of-the-art meat processing plant. The investment would enable More Beef to meet the growing demand for quality meat products in the country. Kukula Fund 1, a local company quoted on the Lusaka Stock Exchange (LuSE), is managed by Kukula Capital, a private equity and venture finance company.