ZCCM-IH commences legal proceedings against KCM

RNS Number : 9172A

ZCCM Invs.Hldgs PLC

10 June 2016

 

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"]

MARKET UPDATE

ZCCM Investments Holdings PLC ("ZCCM-IH") commences legal proceedings against Konkola Copper Mines PLC ("KCM")

We refer to the ZCCM-IH and Konkola Copper Mines Plc ("KCM") joint announcement dated 8^th April 2013, regarding the signing of an agreement ("Settlement Agreement") relating to KCM's settlement of outstanding payments and contingent amounts payable under the Price Participation Agreements that existed prior to April 2013.

Further to the Joint Announcement, and in compliance with the requirements of the Securities Act, Cap 354 of the Laws of Zambia and the General Obligations of Disclosure under the Continuing Obligations of the Listings Rules of the Lusaka Stock Exchange, we wish to advise that on 6^th June 2016, ZCCM-IH filed a Claim Form with the English High Court to recover outstanding sums in excess of US$100 million due to it from KCM, pursuant to the terms of the Settlement Agreement entered into in 2013.

ZCCM-IH anticipates a judgment from the English High Court in either Quarter 4 of 2016 or early Quarter 1 of 2017.

By Order of the Board

Chabby Chabala

Company Secretary

Lusaka Securities Exchange Sponsoring Broker
	T             |               [phone] E             an>[e-mail] 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 10 June, 2016

 

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