THE release of audited statements of accounts for the year ended 31st March, 2016 for ZCCM-IH has been delayed due to lack of information required for consolidation of the financials, says company secretary Chabby Chabala.
Mr Chabala said the company experienced delays in information collection from a number of investee companies within the ZCCM-IH portfolio.
He explained that the information required for consolidation of the financial statements was lacking, hence the delay in the issuance of the audited results.
“The required information has now been obtained and the company is in the process of finalising the audit of the said financial statements. This is targeted to be done by 31 October 2016.
“Arising from this delay, the company has prepared provisional annual financial statements for the year ended 31st March, 2016 as required by the LuSE listing rules,” he said.
He, however, said the issuance of the provisional financial statements awaited board approval once a quorate board was appointed.
Mr Chabala said the company expected that the appointment of new directors would be done by 30th September, 2016.
“Accordingly, shareholders are advised to exercise caution when dealing in ZCCM-IH securities until the full year results are published,” he said.
He also said the board of ZCCM-IH currently consisted of two directors following the expiry of membership of the five directors at the end of July, 2016.
“The company now expects that the appointment of new directors shall be done by 30th September, 2016. Accordingly, shareholders are advised to exercise caution when dealing in ZCCM-IH securities until the company has a quorate board,” he said.
Source: Zambia Daily Nation