ZCCM Investments Holdings PLC (ZCCMIH) today announces that it has concluded the restructuring of its balance sheet. This momentous achievement is the result of the efforts by the Government of the Republic of Zambia (GRZ), in its capacity and role as the majority shareholder, to strengthen ZCCMIH’s balance sheet in order to reposition and attract new investment into the company. As part of the said restructuring, GRZ has converted the debt owed to it by ZCCMIH into equity through a share rights issue conducted on the Lusaka Stock Exchange (LuSE).
By a Debt Settlement Agreement between GRZ and ZCCMIH signed on 25 March 2014, ZCCMIH’s net indebtedness of ZMW 1,829,298,173.06 to GRZ was converted into equity, thereby satisfying the issuance and subscription for 87.6% of the new rights offer shares by GRZ…
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