Further to the cautionary announcement dated 26 June 2025, ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) wishes to inform shareholders and the investing public that, on 20 June 2025, the Company was joined as a party to a Constitutional Court matter commenced by Honourable Miles Bwalya Sampa (“the Petitioner”) against the Attorney General of the Republic of Zambia (“the Respondent”).
The Petition challenges the 2024 transaction involving Mopani Copper Mines Plc (“MCM”) and International Resources Holdings (“IRH”) on constitutional grounds. Specifically, the Petitioner contends that the transaction, executed when MCM was wholly owned by ZCCM-IH, a state-controlled entity, amounts to a disposal of a significant state asset and, as such, should have been subjected to prior approval by Parliament in accordance with Article 210 of the Constitution of Zambia (Amendment) Act No. 2 of 2016.
Among the reliefs sought, the Petitioner requests a declaration that the transaction is unconstitutional, null, and void, and seeks an order to nullify the transaction on the grounds of non-compliance with the Constitution. The Petition further argues that the form of the transaction, presented as a subscription of shares, should not override its substantive effect, which allegedly amounts to a sale or disposal of a state asset.
ZCCM-IH has been added as a party to the proceedings for purposes of responding to the claims raised. ZCCM-IH has contested the matter and contends in its response that the Mopani transaction did not fall within the realm of Article 210 of the Constitution of Zambia. The Company will provide further updates as the matter progresses, in line with its continuous disclosure obligations.
Accordingly, shareholders are advised to continue exercising caution and to seek professional advice from a licensed investment advisor when dealing in the Company’s securities until a further announcement is made.
