ZCCM Investment Holdings (Zambia) agrees to provide a USD15 million Corporate Guarantee to Ecobank Plc
The Board wishes to inform the shareholders and the market that ZCCM Investment Holdings has agreed to provide a Corporate Guarantee to Ecobank Plc (“Ecobank”) for the amount of USD15 million (the “Transaction”).
In line with the requirements of Section 9 and 10 of the Lusaka Securities Exchange Listings Requirements, the key features of the Transaction are as follows.
|Particulars of the
|The provision of USD15 million Corporate Guarantee to Ecobank by ZCCM-IH for the provision of recurring working capital requirements and to meet recurring payment obligations to various suppliers of copper concentrate and key production materials to Mopani Copper Mines Plc (“MCM”).|
|Guaranteed Amount||USD15 million|
|Other significant terms of the Transaction||Provision of USD15 million Corporate Guarantee to Ecobank valid until12 months from date of issue|
|Effective Date||4th November 2022|
|The rationale of the
|The support of ZCCM-IH to the operations of MCM is quite critical at this juncture. MCM needs working capital urgently in order to meet recurring payment obligations to various suppliers of copper concentrate and key production materials|
By Order of the Board
Chabby ChabalaCompany Secretary
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ZCCM Investments Holdings Plc (ZCCM.zm)Share price: 37.98 Kwacha (0.00 | 0.00% – 29/05/23)
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