ZCCM-IH | Market Update
We refer to the Market Announcement (Announcement) provided in December 2016, in which the market was informed that the English High Court had granted default judgment in favour of ZCCM-IH in its claim against Konkola Copper Mines Plc (KCM), brought pursuant to a Settlement Agreement entered by the parties in 2013, for a sum in excess of US$100 million.
In the same Announcement, the market was further informed that the Court had given directions for an inquiry to determine whether KCM had breached the Settlement Agreement by making payments to Vedanta Group Companies whilst sums remained due and owing to ZCCM-IH, and whether ZCCM-IH would be entitled to recover additional sums from KCM as a result.
We now advise that ZCCM-IH has successfully brought an application for summary judgment against KCM for such additional sums. Granting the claim in full, the Court has awarded ZCCM-IH a further US$35,991,768, bringing the total amount awarded to approximately US$139 million. ZCCM-IH was also awarded its costs of bringing these proceedings.
The parties have agreed a repayment plan for the recovery of these additional sums, which consists of 21 equal monthly instalments of US$1,713,893.72, together with interest at 3 per cent. The final payment is expected on 31 August 2019.
By Order of the Board
Issued in Lusaka, Zambia on 29 December 2017
|Lusaka Securities Exchange Sponsoring Broker|
|T | +260-211-232456
E | [email protected]
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia
First Issued on 10 June 2016
The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.
ZCCM Investments Holdings Plc (ZCCM.zm)Share price: 37.98 Kwacha (0.00 | 0.00% – 28/03/23)
Recent Documents & News
Corporate announcement, Dividends
ZCCM-IH Investments Holdings Plc (Zambia) declares a final dividend 0.53 ZMW per share – December 14, 2022
ZCCM Investment Holdings (Zambia) agrees to provide a USD15 million Corporate Guarantee to Ecobank Plc – November 16, 2022
Corporate announcement, Earnings
ZCCM Investments Holdings Plc (Zambia) – HY22 revenue down 10% to ZMW7.5bn, due to decline in copper production – November 8, 2022
ZCCM Investments Holdings Plc (ZCCM.zm) HY2022 Interim Report – November 2, 2022
ZCCM Investments Holdings Plc (ZCCM.zm) Q22022 Interim Report – October 31, 2022