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Pin to quick picksZccm Inv.hds.b Regulatory News (ZCC)

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ZCCM-IH Advance Loan to the IDC

19 Jun 2018 15:47

RNS Number : 9043R
ZCCM Invs.Hldgs PLC
19 June 2018
 

SENS ANNOUNCEMENT

(the "Notice" or "Announcement")

 

ISSUER

 

 

 

ZCCM INVESTMENTS HOLDINGS PLC ("ZCCM-IH")

[Incorporated in the Republic of Zambia]

 

Company registration number: 119540000771

Share Code: ZCCM-IH

ISIN: ZM0000000037

Authorised by: Chabby Chabala - Company Secretary

 

SPONSOR

 

 

Stockbrokers Zambia Limited

[Founder member of the Lusaka Securities Exchange]

[Regulated and licensed by the Securities and Exchange Commission of Zambia]

 

Contact Number: +260-211-232456

Website: www.sbz.com.zm

 

APPROVAL

 

The captioned Notice or Announcement has been approved by:

i. the Lusaka Securities Exchange

ii. the Securities and Exchange Commission

iii. Stockbrokers Zambia Limited

 

DISCLAIMER AND RISK WARNING

 

The Notice or Announcement contained herein contains information that may be of a price sensitive nature.

 

Investors are advised to seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice.

 

 

ISSUED: 15 June 2018

 

 

 

 

 

ZCCM INVESTMENTS HOLDINGS PLC

[Incorporated in the Republic of Zambia]

Company registration number: 119540000771

Share Code: ZCCM-IH

ISIN: ZM0000000037

["ZCCM-IH" or the "Company"]

 

ZCCM INVESTMENTS HOLDINGS PLC ADVANCE OF A LOAN TO THE INDUSTRIAL DEVELOPMENT CORPORATION LIMITED

 

1. INTRODUCTION

Industrial Development Corporation Limited ("IDC") is the majority shareholder in ZCCM Investments Holdings Plc ("ZCCM-IH"), holding 60.28% of the total issued share capital of ZCCM-IH.

 

IDC requested bridge financing from ZCCM-IH. The Board of ZCCM-IH considered and approved IDC's request on 29 March 2018. Therefore, ZCCM-IH has advanced a loan to IDC at commercial terms ("the Transaction").

 

 

2. TRANSACTION DETAILS

In line with the Listings Requirements of the Lusaka Securities Exchange ("LuSE"), this announcement sets out the major salient details of the Transaction, amongst others, as follows:

 

Borrower:

Industrial Development Corporation Limited ("IDC")

Principle Amount:

USD 19,000,000.00.

Interest:

Interest accrued is payable at maturity of the facility agreement.

Maturity Date:

12 months from the date of issuance

Use of Proceeds:

The purpose of the loan is to secure financing for investments purposes.

Security:

360,937,534 ordinary shares in Zambia National Commercial Bank Plc ("ZANACO").

Fair and Reasonable Opinion on the Transaction:

The Independent Expert ("Expert")

 conducted an analysis on the terms of the Transaction to ascertain the extent to which the terms of the Transaction are fair and reasonable as far as the minority shareholders of ZCCM-IH are concerned. The Expert has declared that the Transaction is Fair and Reasonable, and the fairness opinion will be available for inspection by shareholders at the ZCCM-IH offices for a period of 28 days from Friday, 15th June 2018.

 

3. CATEGORISATION OF THE TRANSACTION

The nature of the Transaction is classified as a Small-Related-Party Category 2 Transaction and is not subject to regulatory and Shareholder approval according to Section 10.7 of the Lusaka Securities Exchange Listings Rules.

 

By Order of the Board

Chabby Chabala

Company Secretary

Issued in Lusaka, Zambia on Friday, 15th June 2018

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 Friday, 15th June 2018

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
IODFLMITMBIBBAP
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30th Mar 20229:44 amRNSAnnouncement: Cautionary Announcement _KCM
28th Feb 20228:32 amRNSMARKET ANNOUNCEMENT
25th Feb 20227:00 amRNSStatement_Abridged Financial Statement_31Dec2020

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