Investrust Plc Extract from 2019 Annual Report

Investrust Bank Plc (“Investrust”) recorded a 40.4% decrease in interest income to ZMW88.33 million during the year ended 31st December 2018 (2017: ZMW148.1 million). Total operating
expenses increased by 5.2% on a year-on-year basis to ZMW157.40 million (2017: ZMW149.65 million). During the year under review, the bank recorded a loss of ZMW109.19 million (2017: ZMW38.00 million net loss).

For the period under review, ZCCM-IH successfully increased its shareholding from 45.4% to 71.4%. As a strategic investor, ZCCM-IH is currently driving a strategy to restructure and recapitalize the Bank.

The Bank’s share price on the LuSE closed the period under review at ZMW12.0 (2017: ZMW13.50).

There were no dividends declared during the financial year ended 31st December 2018 (2017: Nil).

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Investrust Bank sues LSA, demands K11.6m payment for unpaid mortgage

Investrust Bank Plc has sued Lawrence Sikutwa and Associates Limited and another company in the Lusaka High Court, demanding payment of over K11 million, which was allegedly secured by way of a third-party mortgage.

The bank has cited Lawrence Sikutwa and Associates Limited as a first respondent, Amalgamated Tourism Investment Limited as second respondent and Sikutwa as third respondent, respectively.

In an affidavit in support of originating summons, Investrust Bank credit manager Chisanga Ireen Komeki stated that Lawrence Sikutwa and Associates was a customer of the bank with an account, but disclosed that the company had defaulted in servicing four loans.

She explained that in March, 2013, Lawrence Sikutwa and Associates applied and was availed a refinance and restructured loan facility of K10 million, plus compound interest accrued by way of a third-party mortgage.

“In March, 2013, Lawrence Sikutwa and Associates in its own volition and request, applied for and was availed by the bank, a refinance and restructured loan facility for K10 million, plus compound interest accrued by way of a third-party mortgage dated May 17, 2013, over the remaining extent of S/D of Stand No. 1942, Livingstone, by Amalgamated and a third-party mortgage dated May 17, 2013, over Stand no. 3938, Lusaka by Sikutwa and personal guarantee by the third-respondent,” read the affidavit.

Komeki stated that as further security, Sikutwa executed a director’s personal guarantee as continuing security for the whole K10 million interest, costs and expenses and guarantying the repayment of the said sum to the bank.

She further disclosed that in October, 2013, Lawrence Sikutwa and Associates of its volition and request, also applied for and was availed a short-term loan facility of K2,910,267.53 plus compound interest, secured by further charge dated December 31, 2013, over the Lusaka Stand by Sikutwa.

Komeki stated that in February, 2016, Sikutwa applied and was availed restricted and enhanced loan facility by the bank in the sum of K7,407,497.00 plus compound interest to be secured by, among others, continuing security of the third-party mortgage.

She stated that in February, 2015, Lawrence Sikutwa and Associates procured a finance lease facility in the sum of US $38,277.60 for the purchase of a motor vehicle namely, Ford Ranger 3.2 diesel D/Cab LTD 4×4.

Komeki disclosed that the company had defaulted in servicing the four said loans and had failed or neglected to adhere to the repayment terms despite numerous reminders from the bank, thereby, resulting in the loss and damage to the bank.

She added that it was an express term of the various loan agreements that in the event that Lawrence Sikutwa and Associates failed to repay the monies within the stipulated period, the bank would be at liberty to enforce the securities alluded to.

Komeki explained that Lawrence Sikutwa and Associates was at of May 15, this year, indebted to the bank in the sum of K11,652,847.80.
Investrust Bank is now seeking payment of charge created by Sikutwa in favour of his firm in respect of Stand No.3938, Lusaka and the third-party mortgage over REM/Stand1942/A, Livingstone created by Amalgamated in favour of Lawrence Sikutwa and Associates.

Its also seeking an order that, should Lawrence Sikutwa and Associates neglect or refuse to pay the aforementioned monies, the third-party mortgage and favour charge created by Sikutwa in favour of his firm in respect of the stands in Lusaka and third-party mortgage over the stand in Livingstone created by Amalgamated, be enforced by the order of foreclosure, vacant possession and sale thereof.

Investrust is further seeking an order for the payment of the sum of K11,652,847.80 as of May 15, 2019, plus interest by Sikutwa arising out of personal guarantee dated April 12, 2013, which Sikutwa personally guaranteed to pay.

The matter will be heard on August 27.

Investrust Bank Plc | Appointment of Director

In accordance with Section 3.59 of the Lusaka Securities Exchange Listing Rules, the Board of Investrust Bank Plc (“the Board”) wishes to announce the appointment of Mr Peter Hillam Banda as a non-executive Director of the board with effect from 25th April, 2019.

Mr Banda holds a Bachelor of Arts in Economics from the University of Zambia (“UNZA”) and a master’s degree in Economics from New Mexico State University in the United States of America. He is an Economist and Banking professional with over 30 years of experience.

The Board would like to congratulate Mr Banda on his appointment to the Board and wishes him the best in his new role.

By Order of the Board

Brian Msidi
Company Secretary

Issued in Lusaka, Zambia on 02 May 2019

Lusaka Securities Exchange Sponsoring Broker
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First Issued on 02 May 2019

Mongu Rice Slogan Wins Kudos

COPPERBELT University third- year student Mubiana Sinyinda famously known on social media for his humorous advertisement of Mongu rice, has received K 15,000 from Investrust Bank.
Investrust Bank managing director Simangolwa Shakalima said Mr Sinyinda’s entrepreneurship skills caught the attention of the financial institution, which has decided to give him K10, 000 to expand his business and K5,000 for his upkeep in school. https://epaper.daily-mail.co.zm/

Source: Zambia Daily Mail

Investrust Pumps K70m Into Digital Platforms

INVESTRUCT Bank Plc has invested over K70 million to improve digital platforms and enhance service experience for its customers.
Bank managing director Simangolwa Shakalima said the financial institution has integrated platforms such as Zoona and ZAMTEL to enable customers to transfer money from bank accounts to the mobile platforms and vice versa. https://epaper.daily-mail.co.zm/

Source: Zambia Daily Mail

INVESTRUST invest K70m in upgrade

INVESTRUST Bank PLC has invested over K70 million in upgrading its systems so that it is able to offer efficient and improved services to customers.

Managing Director Siamangolwa Shakalima said the 100 percent locally owned bank has in the last five years heavily invested in its systems so as to offer quality services to customers.

Mr Shakalima was speaking at a customer engagement cocktail at Garden Court Hotel in Kitwe at the weekend.

He said Zambia being an economy that was largely supported by Small and Medium Enterprises (SMEs) the bank improved services to the sector.

He said the bank was committed to supporting SMEs as well as other critical sectors.

“In the last five years we have invested heavily in digital channels and if you look at our investment over K70 million to upgrade our systems including digital platforms, we offer mobile banking and an Investrust application and agency banking system,” he said.

Mr Shakalima said that his institution was also looking at enhancing capital base and with its partnership with ZCCM-IH, the bank was confident to reach higher heights.

At the same function, ZCCM-IH acting Chief Executive Officer Mavuto Chipata said the company has made a commitment to recapitalise the bank in order to address the minimum regulatory capital, liquidity and increase overall business capacity.

Mr Chipata said ZCCM-IH spent K25 million in acquiring shares in the bank, making it the largest shareholder with 71.4 percent.

He said this was part of ZCCM-IH strategy to diversify its portfolio and to tap into new sources of consistent income.

And Copperbelt Minister, Japhen Mwakalombe, said most local entrepreneurs lacked access to financial resources and commended Investrust for supporting and helping SMEs to grow.

Mr Mwakalombe said Investrust did not only support small businesses with bank services, but also technical support needed to grow businesses.

The minister said in today’s world small and medium businesses were seen more as a vehicle for entrepreneurship, contributing to employment opportunities and social stability of the economy.

He further said with over 400 employees in the country Investrust, was making its mark in improving the quality of lives of many people.


Source: Daily Nation

Investrust Bank Plc | Appointment of Directors

In accordance with Section 3.59 of the Lusaka Securities Exchange Listing Rules, the Board of Investrust Bank Plc (“the Board”) wishes to announce the appointment of the following non-executive Directors to the board with effect from 25th March 2019:-

1. Mr. Situmbeko C. Mubano
2. Mr. Siakamwi Chikuba

Mr. Mubano holds a Bachelor of Arts in Economics & Statistics from the University of Zambia (“UNZA”) and is an economist and investment management professional with over 18 years of experience. Mr. Chikuba holds a Bachelor of Law degree from UNZA and is a legal practitioner with over 10 years of experience as a lawyer.

The Board would like to congratulate Mr. Mubano and Mr. Chikuba on their appointment to the Board and wishes them the best in their new roles.

By Order of the Board
Brian Msidi
Company Secretary

Issued in Lusaka, Zambia on 01 April 2019

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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 01 April 2019

Notice of change in the directorate of Investrust Bank Plc

In accordance with Section 3.59 of the Lusaka Securities Exchange Listing Rules, the Board of Investrust Bank Plc (“the Board”) wishes to announce the resignation of the following non-executive Directors from the board with effect from 11th March 2019:-

  1. Dr Moses N. Banda
  2. Mr. Cosmas K. Mwananshiku
  3. Mr. Maybin Muyawala

The Board would like to thank the Directors for their services to the Bank and wishes them the best in their future endeavours.

By Order of the Board

Brian Msidi
Company Secretary

Issued in Lusaka, Zambia on 25 March 2019

Lusaka Securities Exchange Sponsoring Broker
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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 25 March 2019


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Investrust: Change in Directorate

ZCCM IH ups its shares in Investrust Bank

State owned ZCCM IH has increased its shareholding in Investrust Bank Plc from 45.4% to 71.4%.

This follows the announcement of the mandatory offer by ZCCM-IH to the minority shareholders of Investrust issued on 21st March 2018.

The mandatory offer by ZCCM-IH which opened on 9th April 2018 and closed on Monday, 30th April 2018 recorded a total of 2,125,890 shares tendered for sale to ZCCM-IH.

This level of acceptance represented 26.0% of the total shareholding in the Bank.

According to a notice from the Lusaka Securities Exchange, the ZCCM-IH Board acknowledges the overwhelming success of the mandatory offer and looks forward to better prospects for Investrust.


Source: Lusaka Times

ZCCM-IH Mandatory Offer to Investrust Minority Shareholders Results

1. Background
1.1. Shareholders of ZCCM Investments Holdings PLC (“ZCCM-IH”) and Investrust Bank Plc (“Investrust” or “the Bank”) are referred to the announcement of the mandatory offer by ZCCM-IH to the minority shareholders of Investrust issued on the Stock Exchange News Services (“SENS”) on Wednesday, 21st March 2018.

1.2. The mandatory offer by ZCCM-IH to the minority shareholders of Investrust opened on Monday, 9th April 2018 and closed on Monday, 30th April 2018.

2. Results of the Mandatory Offer
2.1. At the close of the Offer, a total of 2,125,890 shares were tendered for sale to ZCCM-IH. This level of acceptance represents 26.0% of the total shareholding in the Bank.

2.2. Accordingly, the mandatory offer increased ZCCM-IH’s shareholding in Investrust from 45.4% to 71.4%.

3. Conclusion
3.1. The ZCCM-IH Board wishes to acknowledge the overwhelming success of the mandatory offer and looks forward to better prospects for Investrust.

By Order of the Board
Chabby Chabala – Company Secretary
ZCCM Investments Holdings Plc
By Order of the Board
Cuthbert K Tembo – Company Secretary
Investrust Bank Plc

Issued in Lusaka, Zambia on Thursday, 17th May 2018

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First Issued on Thursday, 17th May 2018