Muscle Maker Acquires Zambia Farmland For $8.5M

Shivani Kumaresan

May 22, 2023 at 4:40 PM·1 min read

Muscle Maker Inc (NASDAQ: GRIL) said its wholly-owned subsidiary, Sadot LLC has agreed to acquire agricultural land in Zambia for $8.5 million.
The 4,942 acres (2000 hectares) of producing agricultural land, along with buildings and related assets, is located within the Mkushi Farm Block of Zambia’s Region II agricultural zone.
The acquisition will help Sadot as it expands its position as an international agri-foods company.
The developed farmland can produce wheat, soy, and corn, which are Sadot’s main target commodities, along with other high-value tree crops such as Avocado and Mango.
“We have taken several successful steps in our shift to diversify our U.S.-centric restaurant business towards a more globally focused food organization,” said Muscle Maker CEO Michael Roper.
“The Farm acquisition, when closed, is expected to further accelerate our growth as a related diversified holding company and to provide MMI shareholders exposure to our enhanced and expanding portfolio.”
The company held $6.4 million in cash and equivalents as of March 31, 2023.
Price Action: GRIL shares are trading higher by 0.02% at $1.11 on the last check Monday.