ZCCM Investments Holdings Plc (Zambia) issues a further cautionary announcement

By Published On: June 9th, 2022Categories: Corporate announcement

Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH”) are referred to the announcement dated 23 May 2019 concerning ZCCM-IH filing a petition in the High Court of Zambia for the winding up of Konkola Copper Mines PLC (“KCM”) on 21 May 2019 (the “Petition”) and the appointment by the Court of Mr. Milingo Lungu as provisional liquidator of KCM (the “Provisional Liquidator”) and to the announcement dated 23 June 2021 regarding ZCCM-IH’s application for leave to appeal against the decision of the Court of appeal which stayed the liquidation proceedings and referred the parties to Arbitration.

Shareholders are also referred to the announcement regarding the fact that ZCCM-IH had appealed against the said decision of the Court of Appeal to the Supreme Court on 7 September 2021. ZCCM-IH wishes to inform the market that the Supreme Court in a Ruling dated 22 March 2022 declined to hear the appeal. The decision was based on the fact that the matters that ZCCM-IH sought to have the Supreme Court hear and determine had already been dealt with in the Partial Final Award delivered on 7 July 2021 in Arbitration. By the Ruling of the Supreme Court, the Court of Appeal’s decision staying the liquidation proceedings and referring the parties to Arbitration remains unvacated.

Shareholders are also informed that on 17 March 2022, Mr. Milingo Lungu, resigned as Provisional Liquidator.

Mrs. Natasha Kalimukwa, the Official Receiver who had assumed the role of Provisional Liquidator by operation of law has since been replaced by Ms. Celine Meena Nair who was appointed acting Official Receiver on 8th May 2022.

ZCCM-IH will provide details on this matter 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.

By Order of the Board

Chabby Chabala
Company Secretary

ZCCM Investments Holdings Plc (ZCCM.zm)

Share price: 37.98 Kwacha (0.00 | 0.00% – 11/08/22)

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