Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) are referred to the announcement dated Wednesday 23rd May 2019, in which they were advised that ZCCM-IH filed a petition in the High Court of Zambia for the winding up of Konkola Copper Mines Plc on 21st May 2019. ZCCM-IH filed the said petition pursuant to section 56 (1) (c) of the Corporate Insolvency Act No. 9 of 2017. By Order of the Court, Mr. Milingo Lungu of Lungu Simwanza & Company was appointed as provisional liquidator.
On 3 July 2019, Vedanta Resources Limited (“Vedanta”) obtained an Order of Court to commence legal proceedings against ZCCM-IH in the High Court of South Africa. By Notice of Motion dated 3 July 2019, Vedanta seeks to stay the liquidation proceedings in Zambia and to have the powers of the liquidator discharged.
ZCCM-IH will provide details of these proceedings in due course.
In the meantime, Shareholders of ZCCM-IH are 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 15th July 2019