Ndola Lime Company Limited in Financial Distress

RNS Number : 4487I

ZCCM Invs.Hldgs PLC

26 November 2018

 

SENS ANNOUNCEMENT

(the "Notice" or "Announcement")

ISSUER

ZCCM INVESTMENTS HOLDINGS PLC ("ZCCM-IH")

[Incorporated in the Republic of Zambia]

Company registration number:        119540000771

Share Code:                                           ZCCM-IH

ISIN:                                                       ZM0000000037

Authorised by:                                     Chabby Chabala - Company Secretary

SPONSOR

Stockbrokers Zambia Limited

[Founder Member of the Lusaka Securities Exchange]

[Regulated and licensed by the Securities and Exchange Commission of Zambia]

Contact Number:                 [phone]

Website:                                                www.sbz.com.zm

APPROVAL

The captioned Notice or Announcement has been approved by:

i.      the Lusaka Securities Exchange ("LuSE")

ii.    the Securities and Exchange Commission ("SEC")

iii.   Stockbrokers Zambia Limited ("SBZ")

RISK WARNING

The Notice or Announcement contained herein contains information that may be of a price sensitive nature.

Investors are advised to seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice.

ISSUED: 23 November 2018

ZCCM INVESTMENTS HOLDINGS PLC

 [Incorporated in the Republic of Zambia]

Company registration number: 771

Share Code: ZCCM-IH

ISIN: ZM0000000037

["ZCCM-IH" or "the Company"]

CAUTIONARY ANNOUNCEMENT

Shareholders of ZCCM Investments Holdings Plc ("ZCCM-IH" or "the Company") are referred to the announcement dated Friday, 3^rd August 2018, wherein the shareholders as well as other market participants were informed that Ndola Lime Company Limited ("NLC"), an investee company of ZCCM-IH, continues to be in financial distress. ZCCM-IH has over the past 10 years invested over K1 billion in NLC in form of debt and equity in an effort to turnaround the loss-making operations of the Company into profitability.

Arising from the above, two former employees of NLC applied to the High Court to place NLC under supervision pursuant to the Corporate Insolvency Act No. 9 of 2017. By order of the Court dated 5th October 2018, the Official Receiver was appointed as Interim Business Rescue Administrator of NLC. However, ZCCM-IH is seeking legal redress regarding the aforementioned proceedings.

For more information on the above, please refer to the Press Statement on the ZCCM-IH website in the link embedded below:

http://www.zccm-ih.com.zm/zccm-ih-press-statement-on-the-status-of-ndola-lime-company-limited/

ZCCM-IH will provide details of the outcome of the legal proceedings 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.

By Order of the Board

Chabby Chabala

COMPANY SECRETARY

Issued in Lusaka, Zambia on Friday, 23^nd November 2018

	T    |    [phone] E    |     [e-mail] W   Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia
First Issued on 23  November 2018

 

END

 

 

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