ZCCM-IH

Press Releases, ZCCM-IH News

ZCCM-IH | Update to shareholders based in France regarding the refund of Withholding Tax of 15% on the ZCCM-IH dividend

Introduction

At the ZCCM-IH Annual General Meeting held on 29 June 2018, the shareholders of the Company approved a Final Dividend of K0.84 per share for the financial year ended 31 March 2017.

Subsequently, Dividend payments were made from Monday, 30 July 2018. For shareholders whose shares are listed on Paris Euronext, dividend payments were made from 28 August 2018.

Shareholders based in France could be exempted from paying withholding tax of 15% on the strength of the provisions of the Double Tax Agreement (DTA) of 1950 signed between Zambia and France…

Download the full announcement here…
Press Releases, ZCCM-IH News

ZCCM-IH | Delay in Dividend Payments to Shareholders on the Paris Euronext Access Stock Exchange

STATEMENT TO ZCCM INVESTMENTS HOLDINGS PLC SHAREHOLDERS
Delay in Dividend Payments to Shareholders on the Paris Euronext Access Stock Exchange

Lusaka, Zambia – At the ZCCM Investments Holdings Plc (ZCCM-IH) Annual General Meeting held on 29 June 2018, the shareholders of the Company approved a Final Dividend of K0.84 per share for the financial year ended 31 March 2017. Subsequently, dividend payments were effected on Monday, 30 July 2018.

However, due to financial and other regulatory requirements governing transactions across different jurisdictions, ZCCM-IH could not make the payments directly to shareholders based in France, and such has had to appoint an Agent to facilitate dividend payments.

Thus, for Shareholders based in France, payments await the conclusion of the engagement processes for a Dividend Paying Agent which has taken longer than anticipated. It is hoped that the engagement process will be concluded soon.

All affected shareholders will be notified once the engagement process is finalised. The inconvenience caused is deeply regretted.

Yours Sincerely,

ZCCM INVESTMENTS HOLDINGS PLC

Dr Pius C Kasolo
Chief Executive Officer

Corporate Announcements

Market Announcement – Update on ongoing ZCCM-IH transactions

Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) and market participants are advised by way of update of the key strategic and operational activities currently on-going in the Company as outlined below.

1. ZCCM-IH’s strategic positioning to derive value from its investments

  • ZCCM-IH has recently developed a new Strategic Plan to run from 2018 to 2023 (the “Plan”). Through this Plan, ZCCM-IH will undertake the following:
  • Increase dividend revenue to sustainable levels while maintaining consistency;
  • Diversify revenue sources to include royalties, streaming, copper splits and participation in the mining supply chain; and
  • Recover due receivables from investee companies.

Through the implementation of the Plan, ZCCM-IH intends to unlock further value from its subsidiaries and investee companies, which will ultimately reflect through the growth of its Net Asset Value (“NAV”) year-on-year.

The Plan has been posted on the ZCCM-IH website and can be accessed on the ZCCM-IH website www.zccmnew.wpenginepowered.com. or directly here

2. Dividend policy

The ZCCM-IH Board revised the Company’s Dividend Policy as follows: “the Company may pay a minimum of 35% of the unconsolidated Net Profit after Tax (“NPAT”) for any financial year in which a positive unconsolidated NPAT was recorded”. This is a revision from 20% to 35% of Net Profit After Tax. The revised rate of 35% has been applied on the dividend payable from 30 July 2018 as previously announced.

3. Status of Ndola Lime Company Limited

Ndola Lime Company Limited (“NLC”) continues to be in distress. The ZCCM-IH Board is considering options to determine the way forward for NLC. The decision will be communicated in due course.

4. Processing of title deeds for properties sold by the Company during privatisation

ZCCM-IH re-established an office in Kitwe in late 2017 to expedite the processing of documents required to transfer title to purchasers of real property that previously belonged to the Company. All those with queries relating to the transfer of title for ex-ZCCM Ltd (the former name for ZCCM-IH) properties are encouraged to visit the ZCCM-IH offices at the following address: Investments House – Rem. of Sub A of Farm No. 1591, Kantanta Street, Kitwe, Zambia.

5. Maamba Collieries Limited (“MCL”) Coal Production and Thermal Power Plant

The coal and power production at MCL has progressed well. MCL is producing sufficient low-grade coal for the thermal power plant and high-grade coal to meet customers’ needs. The thermal power plant is producing 300MW of power and selling 265 MW to ZESCO. The extension of the planned additional 300MW is pending a feasibility study.

6. ZCCM-IH’s 2000 Hectares (Ha) of land in Lufwanyama

ZCCM-IH owns 2,000Ha of virgin land in Lufwanyama district on the Copperbelt Province of Zambia. No farming activities have been undertaken on this land thus far. During the 2018-2023 Strategic Plan period, ZCCM-IH will be looking to partner with an investor in the Agricultural sector to develop the farm.

7. Partnership with Horizon Mining Limited to reprocess tailing dams

  • ZCCM-IH and Horizon Mining Limited (“Horizon Mining”) set up a Joint Venture Company (“JVC”) in November 2013, following a Consent Order signed by the parties, as a resolution to a legal suit that arose in relation to Tailings Dams (“TDs”) No. 25, 26 and 27 located in Kitwe, Zambia. The JVC, Copper Tree Minerals Limited (“Copper Tree”), will undertake to reprocess TDs 25, 26 and 27.
  • In March 2015, ZCCM-IH transferred its mining licences for TDs 25, 26 and 27 to Copper Tree and became entitled to a 15% Free Carry shareholding in Copper Tree.
  • In 2017, ZCCM-IH sold land in Kitwe to Copper Tree in exchange for additional shareholding. The extra shareholding as a result of the sale resulted in an increase in ZCCM-IH’s shareholding to 15.58% in Copper Tree. The said land is to be used as a dump site for waste materials arising from reprocessing the TDs.
  • In June 2018, ZCCM-IH and Horizon Mining signed a Shareholders’ Agreement relating to Copper Tree.
  • Copper Tree is in its early developmental stage and is yet to set up a plant and start reprocessing the TDs.

8. Recapitalisation of Investrust Bank Plc

ZCCM-IH is in advanced discussions with Investrust Bank Plc relating to the recapitalisation of the Bank. These discussions are expected to be finalized imminently and full announcement will be made once discussions have been completed.

9. Shareholders Agreement signed on the Cement Manufacturing Project

In July 2018, ZCCM-IH signed a Shareholders’ Agreement with China Machinery Construction Group Limited (“SinoConst”) for the development of a cement plant under the incorporated JVC, Central African Cement Limited (“CAC”).

Under the Shareholders’ Agreement entered into by ZCCM-IH and SinoConst, ZCCM-IH shall hold 35% of the shares in CAC while SinoConst shall hold the remaining 65%.

Dr P C Kasolo
Chief Executive Officer
Issued in Lusaka, Zambia on Friday, 3rd August 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on Friday, 3rd August 2018

 

 
ZCCM-IH News

ZCCM-IH, Chinese firm sign agreement

ZCCM-Investment Holdings (IH) has signed a shareholders’ agreement with China Machinery Construction Group (SinoConst) for the development of a US$480 million cement plant in Masaiti.

The plant will be under the incorporated JVC, Central Africa Cement (CAC) Limited.

Company chief executive officer Pius Kasolo said under the shareholders’ agreement signed last month, ZCCM-IH will hold 35 percent of the shares in CAC while SinoConst will hold the remaining 65 percent.

This is contained in a statement issued on Friday by Stockbroker Zambia Limited, as a sponsoring broker on the Lusaka Securities Exchange.

And ZCCM-IH says the construction of the cement plant, will also include a thermal power plant, expected to start this year.

In an interview at the ongoing Agricultural and Commercial Show, ZCCM-IH public relations manager Loisa Kakoma said the project will create about 1,000 jobs with a production capacity of about 2.1 million tonnes of cement annually.

Source: Zambia Daily Mail
ZCCM-IH News

ZCCM-IH pays USD$5million dividend to NAPSA and Ministry of Finance

Minister of Finance, Honorable Margaret Mwanakatwe has since called on state owned enterprises (SOEs) to improve their operations and to pay dividends to the government. She was speaking when she received a cheque of K3.6million from Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) to its major shareholder National NAPSA and the Ministry of Finance. Mrs. Mwanakatwe said that the dividends will help government meet some of its financial obligations.

Earlier ZCCMIH Chief Executive Officer Dr Pius Kasolo said K20.3million has been paid to NAPSA representing 15% shareholding while K23.3million has been availed to the Ministry of Finance. Dr. Kasolo said ZCCMIH will continue to pay dividends to the government as a way of contributing to the growth of the economy. NAPSA Board chairperson Marian Munyima said dividends will help the authority to grow its investment portfolio which now stands at K25billion.

“We have had some tough challenges with our partners but things have been sorted and we appreciate the support that the Minister has given ZCCM -IH and in terms of the way forward, my team and I are hoping that things will only get better through the copper prices going up and the economy price going up. We hope that most of the mining companies will be involved in these situations, so that they can also declare dividends accordingly,” Dr. Pius Kasolo said.

“It’s pleasing that a company grows it’s profit after tax by 125% coming from a loss of K2.2billion to a profit of K728million, that is not a small achievement and I want to encourage you to count on my support in ensuring that you can continue to bring about these dividends because you are working in a sector that is the largest part of this economy. And when we do not see dividends, we wonder why you are still a shareholder in these mining companies,” Mwanakatwe said.

“We are working in close co-operation with the executive management to oversee all investments, ensuring that they are in accordance with investment protocols and requirements. We have even gained support from the government to which we are grateful that they provided an environment to which we can execute our mandate and ensure that we continue to report positive gains on the fund as can be evidenced by the growth of the investment portfolio which now stands at K25billion and we expect it to end the year 2018 at K27billion,” NAPSA Board Chairperson Marian Munyinda said.

Zambia’s Head of State earlier issued a directive to the Industrial Development Corporation to work towards having all stated owned parastatals listed on the local bourse.

Lusaka Securities Exchange – LuSE listed ZCCM-IH is a state owned mining investment vehicle that manages the states stake in mining companies in Africa’s second largest copper producer, Zambia. As at 2pm ZCCM-IH shares were trading for K38 per share.

Source: Zambia Business Times

Corporate Announcements

ZCCM-IH | Cautionary Announcement

Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) are advised that the Company is in discussions with the appointed Receiver for Kapairi Glass Manufacturing Limited (“KGM”) which discussions if successfully concluded, may have a material effect on the price of the Company’s securities. ZCCM-IH has expressed interest in the possibility of purchasing the assets belonging to KGM which has been in receivership since 26 July 2017. KGM was established with the aim of manufacturing container glass products.

ZCCM-IH will provide details of these discussions 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.

Issued in Lusaka, Zambia on Wednesday, 25th July 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on Wednesday, 25th July 2018

– Download original SENS announcement
ZCCM-IH News

ZCCM-IH | New partnership in two onshore Zambian oil blocks

ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) is delighted to announce that the Company has been granted two onshore Oil and Gas exploration licenses by the Ministry of Mines and Minerals Development of Zambia (“MoMMD”). The two licensed oil blocks are situated in the Western and Muchinga provinces of Zambia. The granting of this license by the MoMMD is in line with ZCCM-IH’s strategy to undertake mining related diversification particularly in the energy sector.

In order to undertake exploration works on the license area, ZCCM-IH has partnered with Oranto Petroleum (“Oranto”) a Nigerian based and the largest privately-owned oil exploration and production company in Africa. Oranto will own a 90% stake in this project while ZCCM-IH will retain 10%. Oranto will provide funding and technical support for the project. The technical support will include the provision of training to ZCCM-IH Technical Staff in oil and gas exploration and production.

Dr P C Kasolo
Chief Executive Officer
Issued in Lusaka, Zambia on Tuesday, 10th July 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on Tuesday, 10th July 2018

Corporate Announcements

ZCCM-IH | Notice of payment of final dividend

At the Annual General Meeting held on 29 June 2018 at Southern Sun Hotel, Lusaka, the Shareholders approved a Final Dividend of K 0.84 per share for the period ended 31 March 2017.

In accordance with the requirements of the Securities Act No. 41 of 2016 and the Listings Rules of the Lusaka Securities Exchange (“LuSE”), Notice is hereby given that the dividend shall be payable to shareholders in the Company’s books as at close of business on Friday, 27 July 2018 (“Record Date”).

Dividend payments will be effected from Monday, 30 July 2018. Shareholders are advised to take note of the following dates applicable to the Stock Exchange on which their shares are listed and traded.

Shareholders on the LuSE and London Stock Exchange
The transfer books and register will be closed from Wednesday, 25 July to Friday, 27 July 2018 both days inclusive.
The last day to trade to be eligible to receive the dividend is Tuesday 24 July.

Shareholders on the Paris Marché Libre
The transfer books and register will be closed from Thursday, 26 July to Friday, 27 July 2018 both days inclusive.

By Order of the Board
Chabby Chabala
Company Secretary

Issued in Lusaka, Zambia on Friday 29 June 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on 29 June 2018
ZCCM-IH News

ZCCM – IH | Advance of a loan to the IDC

1. INTRODUCTION
Industrial Development Corporation Limited (“IDC”) is the majority shareholder in ZCCM Investments Holdings Plc (“ZCCM-IH”), holding 60.28% of the total issued share capital of ZCCM-IH.

IDC requested bridge financing from ZCCM-IH. The Board of ZCCM-IH considered and approved IDC’s request on 29 March 2018. Therefore, ZCCM-IH has advanced a loan to IDC at commercial terms (“the Transaction”).

2. TRANSACTION DETAILS
In line with the Listings Requirements of the Lusaka Securities Exchange (“LuSE”), this announcement sets out the major salient details of the Transaction, amongst others, as follows:

Lender: ZCCM Investments Holdings Plc (“ZCCM-IH”)
Borrower: Industrial Development Corporation Limited (“IDC”)
Principle Amount: USD 19,000,000.00.
Interest: Interest accrued is payable at maturity of the facility agreement.
Maturity Date: 12 months from the date of issuance
Use of Proceeds: The purpose of the loan is to secure financing for investments purposes.
Security: 360,937,534 ordinary shares in Zambia National Commercial Bank Plc (“ZANACO”).
Fair and Reasonable
Opinion on the Transaction:		 The Independent Expert (“Expert”) conducted an analysis on the terms of the Transaction to ascertain the extent to which the terms of the Transaction are fair and reasonable as far as the minority shareholders of ZCCM-IH are concerned. The Expert has declared that the Transaction is Fair and Reasonable, and the fairness opinion will be available for inspection by shareholders at the ZCCM-IH offices for a period of 28 days from Friday, 15th June 2018.

3. CATEGORISATION OF THE TRANSACTION
The nature of the Transaction is classified as a Small-Related-Party Category 2 Transaction and is not subject to regulatory and Shareholder approval according to Section 10.7 of the Lusaka Securities Exchange Listings Rules.

By Order of the Board
Chabby Chabala
Company Secretary
Issued in Lusaka, Zambia on Friday, 15th June 2018

Lusaka Securities Exchange Sponsoring Broker
T | +260-211-232456
E | advisory@sbz.com.zm
W | www.sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a founder member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on Friday, 15th June 2018