There were 3 Stock Exchange News Services (SENS) announcements in week 25 on the LuSE from Copperbelt Energy Corporation(CEC), Zambia Forestry and Forest Industries Corporation (ZAFICCO), and CEC Africa Investments Limited (CECA).
CEC: MARKET ANNOUNCEMENT CEC AND ZESCO SIGN NEW BSA
In accordance with section 3.4(a) of the Lusaka Securities Exchange Listings Requirements (“LuSE Listings Requirements”), the Board of Directors of the Copperbelt Energy Corporation PLC (“CEC”) or (“the Company”) wishes to inform the shareholders of the Company, and the market, that the Company and ZESCO Limited (“ZESCO”) have signed a new bulk supply agreement (BSA).
ZAFFICO: CHANGES TO THE BOARD
In compliance with Section 3.59 of the Lusaka Securities Exchange Listing Rules, ZAFFICO PLC wishes to inform its shareholders and other stake holders of the resignation of Agnes Chakonta from the Board of the ZAFFICO PLC Board with effect from 27th May, 2022. The Board further wishes to announce the appointment of Mr. Mason Mwiinga as new board member effective 28th May, 2022.
CECA: FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are aware that in December 2021 the Bureau of Public Enterprise (“BPE”) who holds shares in Abuja Electricity Distribution Plc (AEDC), purportedly appointed an interim Board of Directors and management team to stabilize the operations of AEDC that were being affected by the dispute between the shareholders of KANN Utility Limited (“KANN”).
In response to the alleged takeover of the operations of AEDC, KANN had instituted a suit against the BPE and other parties seeking a court ordered restraint against interference with the operations at AEDC. Subsequently, the parties agreed to settle the matter out of court and were due to report to the Court on the negotiated settlement on 16th June 2022. However, at the hearing, counsel for United Bank for Africa, one of the parties in the suit, requested for more time to negotiate the settlement and the matter was adjourned to 26th September 2022.