ZCCM Invs.Hldgs PLC Ndola Lime Company Limited in Financial Distress (4487I)
November 26 2018 - 2:00AM
UK Regulatory
TIDMZCC
RNS Number : 4487I
ZCCM Invs.Hldgs PLC
26 November 2018
SENS ANNOUNCEMENT
(the "Notice" or "Announcement")
ISSUER
ZCCM INVESTMENTS HOLDINGS PLC ("ZCCM-IH")
[Incorporated in the Republic of Zambia]
Company registration number: 119540000771
Share Code: ZCCM-IH
ISIN: ZM0000000037
Authorised by: Chabby Chabala - Company Secretary
SPONSOR
Stockbrokers Zambia Limited
[Founder Member of the Lusaka Securities Exchange]
[Regulated and licensed by the Securities and Exchange
Commission of Zambia]
Contact Number: +260-211-232456
Website: www.sbz.com.zm
APPROVAL
The captioned Notice or Announcement has been approved by:
i. the Lusaka Securities Exchange ("LuSE")
ii. the Securities and Exchange Commission ("SEC")
iii. Stockbrokers Zambia Limited ("SBZ")
RISK WARNING
The Notice or Announcement contained herein contains information
that may be of a price sensitive nature.
Investors are advised to seek the advice of their investment
advisor, stockbroker, or any professional duly licensed by the
Securities and Exchange Commission of Zambia to provide securities
advice.
ISSUED: 23 November 2018
ZCCM INVESTMENTS HOLDINGS PLC
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM-IH
ISIN: ZM0000000037
["ZCCM-IH" or "the Company"]
CAUTIONARY ANNOUNCEMENT
Shareholders of ZCCM Investments Holdings Plc ("ZCCM-IH" or "the
Company") are referred to the announcement dated Friday, 3(rd)
August 2018, wherein the shareholders as well as other market
participants were informed that Ndola Lime Company Limited ("NLC"),
an investee company of ZCCM-IH, continues to be in financial
distress. ZCCM-IH has over the past 10 years invested over K1
billion in NLC in form of debt and equity in an effort to
turnaround the loss-making operations of the Company into
profitability.
Arising from the above, two former employees of NLC applied to
the High Court to place NLC under supervision pursuant to the
Corporate Insolvency Act No. 9 of 2017. By order of the Court dated
5th October 2018, the Official Receiver was appointed as Interim
Business Rescue Administrator of NLC. However, ZCCM-IH is seeking
legal redress regarding the aforementioned proceedings.
For more information on the above, please refer to the Press
Statement on the ZCCM-IH website in the link embedded below:
http://www.zccm-ih.com.zm/zccm-ih-press-statement-on-the-status-of-ndola-lime-company-limited/
ZCCM-IH will provide details of the outcome of the legal
proceedings in due course.
In the meantime, Shareholders are advised to exercise caution
when dealing in securities of the Company until a full announcement
is made.
By Order of the Board
Chabby Chabala
COMPANY SECRETARY
Issued in Lusaka, Zambia on Friday, 23(nd) November 2018
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a member of
the Lusaka Securities Exchange and is regulated
by the Securities and Exchange Commission of Zambia
=====================================================
First Issued on 23 November 2018
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END
MSCPGGRUGUPRUQQ
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