ZCCM IH is currently in the process of obtaining statutory and other approvals to facilitate the transition of Ndola Lime Limited to the newly created company Limestone Resources Limited.
The proposed restructuring plan will ensure the continuation of Ndola Lime business under a different entity name Lime Resources Limited.
The move comes after ZCCM-IH was granted an order by meeting of creditors to consider and approve the scheme of arrangement.
ZCCM-IH Public Relations Manager Loisa Kakoma says the restructuring proposed in the scheme involves creating a new company, restructuring the liabilities of Ndola lime and dissolve Ndola Lime with or without winding off.
Mrs. Kakoma says the main objective of the plan are for Ndola Lime’s Successor company to commence business on a clean slate, recruit a new management and spearhead the formation of the new strategy.
She says this new approach will ensure workers welfare is taken into consideration, debt is resolved and ensure the company’s assets are secured.
Meanwhile Mrs. Kakoma said the processes of approvals, transfer, recruitment and recapitalization will take approximately six months from August 2020.
She said in a statement to ZNBC news that the achievement of the objective will enable the effective recapitalization of the business.