State ponders ZCCM-IH listing on LuSE

[bingogo]

TIME PUBLISHED - Friday, January 6, 2012, 9:02 am


GOVERNMENT says it will consider a full listing of ZCCM-Investment Holdings (ZCCM-IH) shares on the Lusaka Stock Exchange (LuSE) after the restructuring exercise is finalised.

ZCCM-IH has been a quoted company on LuSE for a long time and there are calls from various stakeholders to have the firm fully listed for the public to participate in the ownership.

Minister of Mines Wilbur Simuusa said a positive decision will be made as soon as the restructuring exercise is completed.

“Yes we are considering that (full listing) although it will be done after the restructuring process is completed. We have to ensure that the books, the balance sheet are worked on to enable us to do it,” he said.

Mr Simuusa said this in an interview in Lusaka on Wednesday.

He said ZCCM- IH has not posted profits or given dividends since its inception over 10 years ago and Government plans to re-brand the organisation to make it operate profitably and promote local participation in the ownership and management of mining assets.

He said a meeting will soon be convened with a technical committee to map out a way forward.

The minister, however, said currently Government is not in a position to decide whether the firm’s shares should be fully listed on the local bourse.

Mr Simuusa said ZCCM-IH is an important unit which, if properly managed, can help the country realise huge benefits from the mining resources.