ZCCM IH has announced that the matter in which it filed a petition in the High Court of Zambia regarding the future of Konkola Copper Mines is currently ongoing and has provided for further subtle details in the matter.
“Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH”) are referred to the announcement dated 23 May 2019, concerning the filing by ZCCM-IH of a petition in the High Court of Zambia for the winding up of Konkola Copper Mines PLC (“KCM”) on 21 May 2019 (the “Petition”), the appointment by the Court of Mr Milingo Lungu as provisional liquidator of KCM (the “Provisional Liquidator”) and the legal proceedings commenced in the High Court of South Africa and applications made to the Zambian High Court by Vedanta Resources Limited and Vedanta Resources Holdings Limited (together “Vedanta”)”, according to a statement published on SENS by ZCCM IH Company Secretary Chabby Chabala on 18th May 2020.
The announcement complies with regulatory requirements that ensure that there is both transparency and information symmetry between shareholders and investors on one end and the management team of ZCCM IH on the other.
“In compliance with the requirements of the Securities Act No. 41 of 2016, shareholders are informed that on 23 March 2020, the tribunal appointed in arbitration proceedings commenced by Vedanta against ZCCM-IH dismissed an application by Vedanta for an interim measure requiring ZCCM-IH to withdraw the Petition and procure the removal of the Provisional Liquidator from office”.
Due to the nature of the matter, prudence demands that investors are cautious in their trades with the security.
“ZCCM-IH will provide details of these proceedings in due course. In the meantime, Shareholders of ZCCM-IH are advised to exercise caution when dealing in securities of the Company until further information is published”.