ZCCM Investments Holdings PLC (“ZCCM-IH”) Files a Notice of Arbitration against Kansanshi Holdings Limited and Kansanshi Mining PLC.
On 26 October 2016, ZCCM-IH filed a Notice of Arbitration in London against Kansanshi Holdings Limited and Kansanshi Mining PLC for various Claims arising from transactions between Kansanshi Mining Plc and FQM Finance Limited. ZCCM-IH applied to the Arbitral Tribunal to bring a derivative claim on behalf of Kansanshi Mining PLC which application was heard on 10-12 January 2018.
Further to the Cautionary Renewal released by ZCCM-IH on 6th February 2018, regarding these matters and in compliance with the requirements of the Securities Act No 41 of 2016 and the General Obligations of Disclosure under the Continuing Obligations of the Listings Requirements of the Lusaka Securities Exchange, shareholders are informed that on 22nd February the Tribunal denied ZCCM-IH permission to bring its proposed derivative claim on behalf of Kansanshi Mining PLC.
On 22nd March 2018, following the award denying permission, ZCCM-IH filed an Arbitration Claim in the Commercial Court in London applying to challenge the award dated 22nd February 2018.
Shareholders of ZCCM-IH are accordingly advised to exercise caution when dealing in securities of the Company until further information is published.
By Order of the Board
Issued in Lusaka, Zambia on Tuesday, 10th April 2018
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First Issued on 1 November 2016