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LUSAKA - ZCCM Investments Holdings Plc (LuSE:ZCCM-IH) announced Thursday it has been joined as a party to a Constitutional Court case challenging the legality of its 2024 transaction with International Resources Holdings involving Mopani Copper Mines.
The petition, filed by Honorable Miles Bwalya Sampa against the Attorney General on June 20, contends the transaction violated Article 210 of the Constitution of Zambia, which allegedly requires parliamentary approval for disposal of significant state assets.
According to the company’s statement, the petitioner argues that while structured as a share subscription, the transaction effectively constituted a sale of a state asset that bypassed constitutional requirements. The petitioner seeks to have the transaction declared unconstitutional, null and void.
ZCCM-IH, which was the sole owner of Mopani Copper Mines at the time of the transaction, has been added to the proceedings to respond to the claims. The state-controlled mining investment company must now defend the transaction’s legality before the Constitutional Court.
The company issued a cautionary announcement to shareholders, advising them to exercise caution when dealing in its securities until further updates are provided.
The announcement was made through a regulatory filing based on a press release statement issued by the company in accordance with Lusaka Securities Exchange requirements.
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