Shareholders of Zambia’s only listed mining explosives company, have resolved to change the name of the company to AECI Mining Explosives Plc.
“At the Annual General Meeting of Members of AEL ZAMBIA PLC (“AEL” or “The Company”), held on 26th March, 2021 (the “AGM”), the following Special resolution was duly passed by AEL Shareholders: It was unanimously RESOLVED as a SPECIAL RESOLUTION: THAT the name of the Company be and is hereby changed from “AEL ZAMBIA PLC” to “AECI MINING EXPLOSIVES PLC”, read a SENS announcement issued on behalf of the company by Choice Corporate Services, who provide Company Secretarial services, on 8th July 2021.
The company has proceeded to legalize its new name with PACRA. “The new name of the Company, AECI Mining Explosives PLC, has been registered with the PACRA as of 7 th June, 2021.”
However, the new name will not take effect on LUSE until mid Q3 2021. “The new name will come into effect on the LuSE on 1 st August, 2021.”
This new name change has an implication for all existing shareholders of the AEL certificate. According to the statement, “If you are a shareholder and hold a share certificates bearing the name AEL Zambia PLC, then you must contact Stockbrokers Zambia Limited or any member broker of the LuSE and obtain guidance and assistance on how to replace your existing share certificate”.
Prior to the name change, in 2020 the company achieved a net profit after taxation of ZMW 111,662 million (2019: ZMW 71,239 million), an increase of 56.7% from the prior year, according to its annual report.
