Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) are referred to the announcement dated Friday, 3rd 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:
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
Issued in Lusaka, Zambia on Friday, 23rd November 2018
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First Issued on 23 November 2018