ZCCM : Market Update- ZCCM-IH claim against Konkola Copper Mines Plc (KCM

ZCCM : Market Update- ZCCM-IH claim against Konkola Copper Mines Plc (KCM

SENS ANNOUNCEMENT

(the “Notice” or “Announcement”)

ZCCM INVESTMENTS HOLDINGS PLC (“ZCCM-IH”)

[Incorporated in the Republic of Zambia]

Company registration number: 771

Share Code: ZCCM-IH

ISIN: ZM0000000037

Authorised by: Chabby Chabala – Company Secretary

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

The captioned Notice or Announcement has been approved by:

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

ISSUED: 29 December 2017

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”]

We refer to the Market Announcement (Announcement) provided in December 2016, in which the market was informed that the English High Court had granted default judgment in favour of ZCCM-IH in its claim against Konkola Copper Mines Plc (KCM), brought pursuant to a Settlement Agreement entered by the parties in 2013, for a sum in excess of US$100 million.

In the same Announcement, the market was further informed that the Court had given directions for an inquiry to determine whether KCM had breached the Settlement Agreement by making payments to Vedanta Group Com‎panies whilst sums remained due and owing to ZCCM-IH, and whether ZCCM-IH would be entitled to recover additional sums from KCM as a result.

We now advise that ZCCM-IH has successfully brought an application for summary judgment against KCM for such additional sums. Granting the claim in full, the Court has awarded ZCCM-IH a further US$35,991,768, bringing the total amount awarded to approximately US$139 million. ZCCM-IH was also awarded its costs of bringing these proceedings.

The parties have agreed a repayment plan for the recovery of these additional sums, which consists of 21 equal monthly instalments of US$1,713,893.72, together with interest at 3 per cent. The final payment is expected on 31 August 2019.

By Order of the Board

C Chabala

Company Secretary

Issued in Lusaka, Zambia on 29 December 2017

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 10 June 2016

Source: Actusnews