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Alba Iulia
Friday, May 29, 2020

ZCCM-IH declares K50 million dividend to IDC

Economy ZCCM-IH declares K50 million dividend to IDC

IDC Group CEO Mateyo Kaluba addressing members of the press (not in picture) before the dividend cheque presentation by ZCCM-IH. Next to Mr Kaluba is ZCCM-IH acting CEO Mabvuto Chipata
IDC Group CEO Mateyo Kaluba addressing members of the press (not in picture) before the dividend cheque presentation by ZCCM-IH. Next to Mr Kaluba is ZCCM-IH acting CEO Mabvuto Chipata

ZCCM-IH has presented a second dividend cheque of K50.3 million to its majority shareholders, the Industrial Development Corporation (IDC).

ZCCM-IH acting Chief Executive Officer Mr Mabvuto Chipata said the company made a profit after tax of K843 million in 2018.

He said ZCCM-IH was optimistic about the outlook of the company as it continues on a growth and transformation trajectory in line with the institution’s 2018-2023 strategic plan.

Receiving the cheque, IDC Group Chief Executive Officer Mr Mateyo Kaluba said the corporation is looking forward as shareholders to receiving dividends.

He stressed that the IDC also declares dividends to its shareholders and therefore expects State Owned Enterprises to do the same.

Mr Kaluba further urged ZCCM-IH to become a leader in the country’s mining sector.

He said the country is endowed with enough mineral wealth and hence Zambians expect ZCCM-IH to be a leading vehicle in managing operations in the mining sector.

He also advised ZCCM-IH to implore its investee companies to improve operations towards profitability and start declaring dividends.

Last week, shareholders of the IDC approved the declaration of dividend by the Corporation.

This was during the Extraordinary General Meeting (EGM) of the IDC held at the Ministry of Finance.

Secretary to the Treasury Mr Fredson Yamba speaking for the shareholders, commended the performance and declaration of dividend by the Industrial Development Corporation (IDC) as a step in the right direction.

The IDC recorded a profit after tax of K39,999,237 for the year ended 31st December 2016 with total assets at K15,810,803,732 as at that date.

The shareholders approved the recommendation by the IDC Board to declare a dividend of K9,999,809.00.

The IDC was incorporated in 2014 as a company limited by shares under the Companies Act and is owned by the Minister of Finance under the provisions of the (Incorporation) Act Cap 349 of the Laws of Zambia.

Mr Yamba expressed optimism that IDC will in future declare higher dividends. He praised the Board, the Group Chief Executive Officer and management for the pivotal role that IDC was playing in spearheading the country’s developmental agenda through the transformation of State-Owned Enterprises (SOEs).

He observed that most SOE’s under the supervision of the IDC were showing signs of operational improvement and stability.

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8 COMMENTS

    • What a fakini segrerative rotten regime PF is, all personals in all strategic positions of govt institutions are either from eastern or Northern, what about other 68 plus tribes, are there no educated people from these other regions ? And should i abide by some ‘lunatiki’s’ preach about being filled with christ love, he the main causer of this mess .? Hell no….!!

  1. @iwe dido

    Stop tribalism nowonder you can’t win.alway when you hear a bemba name is northen.dont you know that Most pipo from western,southern are still holding important positions in ministries?Most young pipo with such names are employed not bcoz the are intelligent but by your tribalism.stop stop tribalism

    • @I Love Zambia,
      Pius turned around ZCCM, we are just a country which never appreciates those who are doing good or succeeding at turning around entities.

  2. Declaring pantry dividends when IDC has borrowed from ZCCM…like no man’s business, its basically their cash cow!!

  3. Let us bring back Kasolo before ZCCM-IH is cleared out.
    That is our only hope of getting some benefit from our mineral recourses.
    I hope this acting CEO can even speak English properly let alone stand up against big mining companies and not be intimidated.
    That does not come with education alone!!!
    Please ba lungu reconsider your position and hire him again through the board ofcourse.

Comments are closed.

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