8 Miles Acquires Minority Stake in Verde Beef of Ethiopia

April 25, 2016

Financial details of transaction giving 8 Miles significant majority stake not disclosed, co. says in e- mailed statement.

* Verde Beef Processing plans to grow more than 10-fold from base of 6,000 animals as demand in Middle East, Africa, Asia increases;
* 8 Miles advised by Clifford Chance, KPMG; Verde Beef Processing advised by Ambrust & Brown, Harbottle;
* Ethiopia has world’s 6th largest cattle population; Verde Beef operates on 1,300 ha feedlot, crop-farming facility in Adami Tulu, south of capital, Addis Ababa;
* Plans to begin construction of own abattoir, meat processing facility in 2017. Source: Bloomberg