ZCCM IH has officially advised shareholders and investors that the Board Chairperson’s appointment has been terminated, according to a statement from the investment house.
“Pursuant to section 3.59 of the LuSE Listing Requirements, the Board of Directors of ZCCM Investments Holdings Plc (the “Board”) announce the termination of appointment of Mr Eric S Silwamba, SC as Non-Executive Director and Chairman of the Board of Directors of (the Board) the Company with effect from 12 October 2021” read a statement issued by order of the Board, by Chabby Chabala Company Secretary in Lusaka on 15th October 2021.
Eric Silwamba, who was the Principal Partner at Messrs Eric Silwamba, Jalasi and Linyama Legal Practitioners, was appointed as Board Chair of ZCCM IH on 6th March 2019 in accordance with Section 3.59 of the Lusaka Securities Exchange Listings Requirements.
The former Board chair over saw the most significant transaction in the mining sector that ZCCM IH is signaling is proving to be financial prudent for the investment house. According to ZCCM IH’s recent half year performance statement, “The Group recorded a turnover of ZMW8.3 billion for this period compared to ZMW62 million reported during the six-month period to 30th June 2020. The significant increase is largely on account of acquisition of Mopani Copper Mines Plc (Mopani) during the period. The revenue from Mopani accounts for 97% of the total revenue for the period.”
According to the ZCCM IH investor pages, “he holds a Bachelor of Laws Degree with Merit (LL.B) from the University of Zambia. Mr Silwamba is an Advocate of the High Court of Zambia enjoying the rank and dignity of State Counsel. He has over 30 years’ extensive experience in both private and public practice”.
The Board has expressed its gratitude for the leadership provided by Mr Silwamba. “The Board of Directors and the Company would like to thank Mr Silwamba for his significant contribution to ZCCM-IH during his tenure on the Board. The Company wishes him well in his future endevours.
The replacement is yet to be announced by the investment house. “Shareholders and the general public will be informed of the successor to the chairmanship of the board in due course”.