TIDMZCC
RNS Number : 5357S
ZCCM Invs.Hldgs PLC
06 November 2023
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: Charles Mjumphi - 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: +260-211-232456
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. ZCCM Investments Holdings ("ZCCM - IH")
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: 06 November 2023
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"]
FURTHER CAUTIONARY ANNOUNCEMENT
ON
PROGRESS ON KCM AGREEMENTS WITH VEDANTA
Shareholders of ZCCM Investments Holdings Plc ("ZCCM-IH" or the
"Company") are referred to the announcement dated 5 September 2023,
wherein the Company provided updates on the progress of
negotiations with Vedanta Resources Limited ("Vedanta") regarding
the future of Konkola Copper Mines ("KCM") and outlined the key
terms of the agreements reached with Vedanta.
In a recent board meeting, management presented to the Board the
proposed KCM Implementation Agreement ("IA") and Shareholders
Agreement ("SHA"), seeking for approval for ZCCM-IH to execute the
said agreements. These agreements were necessitated by the
announced return of Vedanta, the majority shareholder of KCM.
During the presentation, the Board was informed that:
Regarding the background, on 5th September 2023, the Government
of the Republic of Zambia announced that it had reached an
agreement with Vedanta to resolve all outstanding disputes and
Vedanta committed to the following:
a) Payment of $250 million to local creditors;
b) Investment of $1 billion for capital mine development of
KCM;
c) Investment of $20 million in robust and transparent Corporate
Social Responsibility programmes; and
d) Increase workers' salaries by 20% and a one-off payment of
K2,500 across the board.
Further to the discussion, the Board resolved that the proposed
KCM Implementation Agreement and Shareholders Agreement be approved
for execution. A brief description of each document is given
below.
IMPLEMENTATION AGREEMENT:
The Implementation Agreement ("IA") highlights the steps that
need to be taken before the withdrawal of liquidation proceedings
relating to KCM and the subsequent appointment of the Board.
SHAREHOLDERS AGREEMENT
The Shareholders Agreement ("SHA") is a document that will
regulate the relationship between Vedanta and ZCCM-IH as well as
the relationship between Vedanta, ZCCM-IH and KCM. The SHA is
therefore aimed at regulating the business of KCM by setting out,
inter alia, each of Vedanta and ZCCM-IH's obligations.
Shareholders are advised to continue to exercise caution when
dealing in the Company's securities until the conclusion of the
matter .
By Order of the Board
Charles Mjumphi
Company Secretary
ZCCM Investments Holdings Plc
Issued in Lusaka, Zambia on 06 November 2023
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 23 May 2019
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END
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