ZCCM Invs.Hldgs PLC Agreement (7498Z)
26 Enero 2022 - 9:42AM
UK Regulatory
TIDMZCC
RNS Number : 7498Z
ZCCM Invs.Hldgs PLC
26 January 2022
ZCCM INVESTMENTS HOLDINGS PLC
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM-IH
ISIN: ZM0000000037
["ZCCM-IH" or "the Company"]
TRANSACTION ANNOUNCEMENT
The Board wishes to inform the shareholders and the market that
ZCCM Investments Holdings Plc ("ZCCM-IH" or "the Company"), has
agreed to provide a Corporate Guarnatee to Zambia National
Commercial Bank Plc ("Zanaco") for the amount of USD10 million (the
"Transaction").
In line with the requirements of Section 9 and 10 of the Lusaka
Securities Exchange ("LuSE") Listings Requirements, the key
features of the Transaction are as follows.
Particulars of the The provision of USD 10 million Corporate Guarantee
Transaction to Zanaco Plc by ZCCM-IH for provision of working
capital to Konkola Copper Mines Plc ("KCM").
Guaranteed Amount
* USD 10 Million
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Other significant terms
of the Transaction * Provision of USD 10 million Corporate Guarantee to
Zanaco Plc valid until 31(st) December 2022
comprising :
1 A USD 8 million Standby Letter of Credit (" SBLC
") by Zanaco Plc in favour of Trafigura, the suppliers
of copper concentrates to KCM and buyers of the
finished copper, and;
2 A USD 2 million overdraft facility .
* Promissory note issued in favour of ZCCM-IH by
Ministry of Finance for the amount of the Corporate
Guarantee.
------------------------------------------------------------------------
Effective Date Date of execution of guarantee.
------------------------------------------------------------------------
Rationale for the Transaction The support of ZCCM-IH to the operations of KCM
is quite critical at this juncture. KCM needs working
capital urgently in order to procure concentrates
from Trafigura to sustain its metallurgical and
production operations.
------------------------------------------------------------------------
Shareholders are advised to continue to exercise caution when
dealing in the Company's securities until completion of the
Transaction which is expected on 26 January 2022.
By Order of the Board
Chabby Chabala
COMPANY SECRETARY
Issued in Lusaka, Zambia on 25 January 2022
Lusaka Securities Exchange sponsoring broker - Stockbrokers Zambia Limited
====================================================================================================
T | +260-211-232456
E | advisory@sbz.com.zm
W | www. sbz.com.zm
Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated
by the Securities and Exchange Commission of Zambia.
==================================================================================================
First Issued on 25 January 2022
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END
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January 26, 2022 10:42 ET (15:42 GMT)
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