ZAMBIA Consolidated Copper Mines Investment Holdings (ZCCM-IH) shareholders have approved payment of a K250 million dividend to Government.
ZCCM-IH investor relations officer Joseph Lungu announced at a press briefing yesterday that the decision was made at the firm’s annual general meeting (AGM) in Lusaka.
“Today, our shareholders approved payment of a final dividend of K1.56 per share which had been recommended by the directors,” Mr Lungu said.
This is the first dividend that ZCCM-IH has paid since its transformation into an investment holding company in 2000.
Mr Lungu said the dividend has come as a result of the steps government took to convert the debt of K1.8 billion that ZCCM-IH owed it into equity through a clawback rights offer which was completed in March this year.
This has also led to the company raising K257 million as capital.
“This has really positioned the company strongly to exploit investment opportunities that will benefit the shareholders and the nation,” he said.
Mr Lungu said the capital market has recognised the steps the company has taken and this is evidenced by the performance in the share price.
He said this year alone, the company’s share price has gone up by 134 percent, valuing the company at over US$1 billion, which makes it one of the largest companies on the Lusaka Stock Exchange by market capitalisation.
“In fact, since 2011, the share price has gone up by 300 percent which is a remarkable return for our shareholders,” Mr Lungu said.
He also said the company has incorporated a representative of the minority shareholders.
Financially, the company performed well this year with a revenue of K803 million compared to K305 million in the previous year, representing a 163 percent rise.
The company’s profit after tax was K892 million from K567 million, while total assets were K8.7 billion from K7.3 billion.
The group had a revenue of K1 billion and profit after tax of K277 million.
Good, that money will help GRZ solve some problems.
And that symbol envokes memories of the defunct Zambia Consolidated Copper Mines (ZCCM), beautifiul name but we could not make it tick….sad
How much is need for the constitution referendum?
PF ni ba chimbwi chabe. Farmers not paid,Students no bursaries, Soldiers salaries delayed, soon government workers including teachers and nurses will have salaries delayed.
Well this turn of events does not surprise me. I said it just soon after the by elections that PF has finished all the money on vote buying and government departments will bear the brunt for PF’ s reckless spending habits.
Here we are now, they are penalising the soldiers and other men and women in uniform who can not go on strike by delaying their salaries. Next to suffer the same salary delays are the teachers. When this happens, then the whole country will know and rise to the occasion when teachers threaten strikes.
I hope this money from Mwanawasa’s initiative will solve these problems created by PF.
Dividend is paid to shareholders, and I was under the impression that ZCCM has been sold.
If this is just a ‘brown envelope’ this should be made clearer.
I am a holder of several postgraduate degrees and this is my intellectual take
Thanks
” beautifiul name but we could not make it tick….sad ”
Copper prices were $2,000 per tonne at the time, even less. Today, it has never been under $5,000, and was as high as $10,000.
Everyone ‘can make it tick’ at those prices. The sad truth is that this doesn’t matter. The dividend paymensts are a mere fraction of the profits that are being made.
Has Willie Nsanda heard this “good” news???
More money for him and ka Mulenga Sata LOL!!!
Thanks
What was the required money for bursaries for 6000 Unza students , did somebody say K159 million? Well there is the money for you right there with some little change to spare political DC’s bonuses. Use it or loose it to PF induced by elections or extra Political Deputy Minister appointments or more permsec appoints.
I couldn’t have said it better. I was thinking the same thing. What are the account details for the Bursaries Committee?
@mmd Bootlicker, well said. But PF will not understand that money which was MMD’s initiative.
There is alot of money in Zambia and for Zambians.
Absolutely. Well spoken.
Is our copper sold in Kwacha on the stock market…convert this to dollars and you will not be celebrating.
Wake up people this why I like the Tswanas; the negotiate the best deal for its people.
These funds will be sucked up to pay the huge civil service wage bill and RDA over inflated contracts.
It will all go to pay sata ‘s medical bills.
Has it been approved Is it payable and how is that in reflection to the share values on the exchange
Is the announcement seen to be a good sign in investments in ZCCM IH
How are the returns-Holding period returns including performance tracking in total gains on shares of ZCCM IH affected
Do we see a change in increased demand and sell because of rise in this good pronouncement
If so then the dividend is a true reflection of share holder return
where did the mine come from? or from which investments? its all gloom & doom, Mining industry is downsizing owing to VAT withheld – a question of contradictions.
Not impressive! Is that all the dividend paid since 2000? In Kwachas as well, utter rubbish.
What really is going on with our mines?
THE MONEY FOR THE 4000 STUDENTS HAS BEEN FOUND NOW, PLEASE PAY FOR THE POOR CITIZENS AND GOD WILL REWARD YOU ALL, AMEN.
Lets understand the dividend payments chronology including significance of declaration to the holder of record especially and then those willing to invest as the holder willingly wants to disinvest as we read the above statement carefully
Is it ex dividend and what is the book as in payments date and at which point should we more be interested to see the value of ZCCM IH shares according to the dividend time line
Posted In the interest of Financial Interest “‘