Last checked at 3 Feb 2009 15:33
ZCCM Investments Holdings Plc
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM -IH
ISIN: ZM0000000037
["ZCCM - IH " ]
PRESS RELEASE
MAAMBA COLLIERIES LIMITED
STRATEGIC EQUITY PARTNER BIDS EVALUATION
ZCCM Investments Holdings Plc (ZCCM-IH), an investment holdings company which is listed on the Lusaka Stock Exchange, acquired 100 per cent shareholding in Maamba Collieries Limited (MCL) in 2007. During the same year, ZCCM-IH put out a Request for Proposals in the press inviting qualified and experienced companies to bid as Strategic Equity and Technical Partners in MCL. The advert requested for parties to submit proposals for the development of the coal mine and a thermal power plant in partnership with ZCCM-IH.
The two bidders that submitted their best and final offers by 2nd January 2009 were:
Nava Bharat (Singapore) Pte Ltd, and
Vedanta Resources Plc
ZCCM IH is pleased to announce that after adjudication of the bids, Nava Bharat (Singapore) Pte Ltd has been selected as the Preferred Bidder with whom ZCCM IH will commence discussions as regards the development of the coal mine and a thermal power plant.
Notwithstanding the foregoing, if all technical, commercial and contractual issues have not been resolved within eight (8) weeks of the date of award of Preferred Bidder status, ZCCM-IH reserves the right to cancel the award to the Preferred Bidder.
Lusaka
3 February 2009