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.