State ponders ZCCM-IH listing on LuSE
GOVERNMENT says it will consider a full listing of ZCCM-Investment Holdings (ZCCM-IH) shares on the Lusaka Stock Exchange (LuSE) after the restructuring exercise is finalised.
ZCCM-IH has been a quoted company on LuSE for a long time and there are calls from various stakeholders to have the firm fully listed for the public to participate in the ownership.
Minister of Mines Wilbur Simuusa said a positive decision will be made as soon as the restructuring exercise is completed.
“Yes we are considering that (full listing) although it will be done after the restructuring process is completed. We have to ensure that the books, the balance sheet are worked on to enable us to do it,” he said.
Mr Simuusa said this in an interview in Lusaka on Wednesday.
He said ZCCM- IH has not posted profits or given dividends since its inception over 10 years ago and Government plans to re-brand the organisation to make it operate profitably and promote local participation in the ownership and management of mining assets.
He said a meeting will soon be convened with a technical committee to map out a way forward.
The minister, however, said currently Government is not in a position to decide whether the firm’s shares should be fully listed on the local bourse.
Mr Simuusa said ZCCM-IH is an important unit which, if properly managed, can help the country realise huge benefits from the mining resources.
[Zambia Daily Mail]
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Thats the way to go mr simusa
Not posted profits in the last 10 years? Are you sure?
minister with no direction!
what is happening with the strikes? or the license ban or the monitoring of mine output?
No.3 Simeza
Its not just one minister with no direction. Its the whole PF government.
it’s true, some dividends or capital gains (equinox) were obtained by ZCCM-IH. In terms of dividends, ZCCM-IH has the right to just a few million euros per year when it should get more than 200 million euros based on its participation in KCM, Kansanshi …
This company is a symbol in Europe. How can a poor country like Zambia can refuse more than 200 million euros a year … and more Zambian journalists speak only rarely of ZCCM-IH. No items are published in the press about the general meeting of December …crazy country.
I am disappointed with my friend Simuusa. Every time he and other ministers and the chief labour officer speak, they are announcing intentions and wishes. Guys you were in opposition for 10 years so why did you not plan a program of what to do then? The Chief Labour officer gave a speech in Parliament and that speech is supposed to outline government legislation in the current parliament and map out a plan of action. Instead, we keep hearing ‘government is thinking of this and that…’ When are you going to start acting like government and not opposition?
Still no word on the new mining framework. Remember when they suspended all trade in minerals for two days but had to rescind their decision two days later? What a bunch of illiterate incompetents!
most of the members of zccm-ih are well known and are friends to most of us here. caution, if only you guys stop your extravagant lives you are leading and concetrate on revitalising your dream, am sure you will make it. what a bunch of intellectuals this IH really is. i support you.
I have many questions and may be some of you can help me answer:if we make an assessment of the assets of ZCCM-IH, we get that ZCCM-IH is valued at nearly $ 6 billion and that using transaction prices in the copper sector for the year 2011. This is not a small business especially for Africa. But despite this, ZCCM-IH is an obscure company for Zambian journalists, as I said, not a word in the Zambian press about the general meeting of December 7, 2011, absolutely nothing… so why?? ZCCM-IH does not interest the people of Zambia? it’s strange for a company 87% owned by the Zambian government…the Lusaka Times may change its slogan by : “keeping you uninformed”.
Similarly, not a word about the embezzlement of FQM, Vedenta, Glencore … which refuse to pay back dividends which ZCCM-IH has the right … the European Investment Bank, under the leadership of NGOs, acknowledged fraud in Zambia … but in Zambia not a word … the government Sata has just snap fingers to obtain hundreds of millions $ that these companies have stolen from ZCCM-IH. If the case goes to court large mining companies can not win given the evidence against them.Last question: for when dividends for the shareholders of ZCCM ihI hope Simuusa and Sata are not simple talkers and lazy as there are many in policy.
I am not sure if I like that Idea. Was looking at the FS for 2006 or 07 the other day on their site. I am not sure if I like the management either, did not seem to be stable. Its sounds like a good adventure and most of the holdings in the mines is an average 15% but government wants to review its shareholding. The political process can prevent the success of this. Sound like a great business opportunity to buy and quickly sell the stock. Atleast that’s my opinion
Financial so TRUE. It sounds like an undercover operation to a lot of us. We need some kind of financial regulation. Can we have our own SEC or is that our ZICA? Probably not!! The Govt has its wing, AUDITOR GENERALS OFFICE, A BIG JOKE. I think my idea to stay in private business may be an option. Too many Jokers
Zambians, your eyes are made ??to see: see embezzlement operated by First Quantum Minerals, Vedenta, Glencore .. your ears to hear the scream of pain from your compatriots poorest who should benefit as all Zambians of dividends from ZCCM -IH (we’re talking about hundreds millions of dollars, not just five or six as as currently). And your mouth is made to cry injustice that all Western governments have recognized. Screaming for your blood and your work can also benefit from copper. You are in the legality. If Tunisia, Egypt … have changed so quickly, so my Zambian friends get up like one man, and you will see the flowers of the development…be sure you are a rich country.Walk down the street to say Dividends for ZCCM-IH, Dividends for Zambians , Dividends for a Better Life
Financial,
Ha ha ha ha, you are still too dull to understand?
14 Mr K says: Fri Jan 06 at 9:09 pm
” Financial, Ha ha ha ha, you are still too dull to understand? ”
I didn’t post that, by the way (notice the US flag).
to understand what?
@ Financial
WE KNOW…!!
- FQM owes zccm-ih $500 million
- Mopani uses transfer pricing to pay no taxes and no dividend to zccm-ih. According to NGOs in its pilot audit by Grant Thornton, the govt lost an estimated income of USD 175 million in tax revenue between 2003 and 2008 and zccm-ih lost $300 million and and Muso the cro.ok didnt revoke the Glencore licence!!
- $100 million were swindled from zccm
after Kenneth’s era, political leaders and management were bought and paid for by foreign mining companies and lined their pockets…
Simuusa is the man we need because he seems to be a “light Patrice Lumumba”…
Be sure if he cant be able to get mining wealth back on track again, nobody will never be able to do it…
Wait and see
#6 The saint,
the Augean Banda stables are too dirty to be cleaned within 90 days…
even Hercules can’t do it…
trust Simuusa…
ZCCM-IH has to:
1) Clean up it’s act – transparancy, accountability.
No profit registered, financial statements that are YEARS out of date, no quarterly statements at all.
2) Aggression about getting paid
Right now, some company pays a tiny dividend, and the individuals at ZCCM-IH are falling all over themselves to give it back. Why? Because they clearly are making a lot more money sitting on the board than watching ZCCM-IH receive $300 million a year in dividends.
3) Political Interference
Until Zambia sorts out the independence of it’s parastatals and civil service on a constitutional level, not a lot is going to change. What is going to stop a second Rupiah Banda getting into power and treating the state like his personal possession?
It’s a dog with flees.
Mr K,
dont be so severe with the zambian knock-kneed watchdog, it’s starting its convalescence…;-)
Financial Statements 2008, 2009 and 2010 were reported during the last AGM (december 2011)
a new (EXECUTIVE!) chairman was appointed
the (zamtel renegade) CEO is certainly on an ejector seat
Company Secretary Chabala may wet his pants…
its master simuusa cuddles it
and it is going to bite mining plunderers … ;-)