The recently held share offer by ZCCM-IH has recorded disappointing results with only a total of 805 applications received.
This represents a total of 226,064 shares out of the 27,961,237 shares, representing a shareholding of 17.4%, by the Government of the Republic of Zambia (“GRZ”) that were available to Zambian Citizens.
This is according to summarised results of the share offer released by the Lusaka Stock Exchange.
Commenting on the results of the Offer, the ZCCM-IH Chief Executive Officer Pius Kasolo said ‘the results of the Preferential Offer to Zambian citizens signify the challenges facing the global copper mining industry, and particularly ZCCM-IH’s significant portfolio concentration in the industry.
Dr Kasolo said despite the interim concerns, primarily driven by slower than historical Chinese demand for commodities, ZCCM-IH is confident that the long-term prospects of the Company remain overwhelmingly strong.
He added that the present difficulties offer a chance to learn, adapt, diversify, and realize benefits from opportunities that would not otherwise be possible under ‘normal’ market conditions.
‘The Board and Management of ZCCM-IH would like to thank the investors who took a stake in this iconic Company. We remain committed to enhancing long-term shareholder value by continually seeking viable and sensible investment opportunities, whilst prudently navigating through challenging times.”
He said ZCCM-IH will engage the Government on the need to continually approach both Zambian and foreign investors so as to maximize their participation in the mining sector.
Dr Kasolo said no applications were received from General Applicants, therefore, no shares shall be allotted to this category of applicants.