Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) are referred to the announcement dated Friday, 3rd August 2018, wherein the shareholders as well as other market participants were informed that Ndola Lime Company Limited (“NLC”), an investee company of ZCCM-IH, continues to be in financial distress. ZCCM-IH has over the past 10 years invested over K1 billion in NLC in form of debt and equity in an effort to turnaround the loss-making operations of the Company into profitability.
Arising from the above, two former employees of NLC applied to the High Court to place NLC under supervision pursuant to the Corporate Insolvency Act No. 9 of 2017. By order of the Court dated 5th October 2018, the Official Receiver was appointed as Interim Business Rescue Administrator of NLC. However, ZCCMIH is seeking legal redress regarding the aforementioned proceedings.
For more information on the above, please refer to the Press Statement on the ZCCM-IH website in the link embedded here.
ZCCM-IH will provide details of the outcome of the legal proceedings in due course. In the meantime, Shareholders are advised to exercise caution when dealing in securities of the Company until a full announcement is made.
About ZCCM Investments Holdings Plc
ZCCM Investment Holdings PLC is an investment holding company in which Government holds directly about 17.25% shares through the Ministry of Finance and its 60.28% shares is held through the Industrial development Corporation (IDC) in Zambia, with the remaining 22.47% held by institutional and private individual shareholders. ZCCM-IH currently has an investment portfolio of 15 companies, including biggest mines such as Kansanshi Mining Plc, Mopani Copper Mines Plc and Konkola Copper Mines Plc. The “ZCCM” in ZCCM Investments Holdings Plc does NOT stand for “Zambia Consolidated Copper Mines Limited”.
Contacts: Media Inquiries Investor Relations Loisa Mbatha-Kakoma Bwalya Chiti Public Relations Manager Investor Relations Officer kakomal@zccm-ih.com.zm chitib@zccm-ih.com.zm