The issuance of financial statements by investment house ZCCM IH has been impacted by various challenges that have in part been attributed to COVID 19 and internal group restructuring, according to an issued statement.
The following is an extract of the SENS announcement from ZCCM IH issued by Company Secretary Chabby Chabala.
“In the past three years, many countries including Zambia have experienced challenging economic conditions exacerbated by the Covid -19 pandemic. The economic effects have been significant as evidenced in supply chain disruptions for most of Zambia’s main trading partners, who have been in and out of lockdown during this period”.
“The aforementioned have led to a less than optimal operations of ZCCM-IH and its subsidiaries. Regrettably, this economic malaise and current restructuring processes to ensure portfolio efficiencies within ZCCM-IH has negatively impacted the issuance of our financial statements for 2020”.
The Board of ZCCM IH has indicated that it is committed to ensuring all financial statements going for are produced in a timely manner. “Going forward and with fresh impetus, the Board is committed to ensuring financial statements are issued on time in compliance with the various statutory, listing rules and regulations of the stock markets where ZCCM-IH is listed”, further read the SENS announcement.
The board has further committed to releasing the 2021 financial statements in Q1 2022. “To this effect, the 2021 financial statements will be issued by 31 March 2022”.