Street Calls of the Week
LUSAKA - ZCCM Investments Holdings Plc (LSE:ZCCM-IH) has been joined as a party to a constitutional court case challenging its 2024 transaction with International Resources Holdings (IRH) involving Mopani Copper Mines, according to a company statement issued Friday.
The petition, filed by Honourable Miles Bwalya Sampa against the Attorney General of Zambia on June 20, claims the transaction violates Article 210 of the Constitution of Zambia, which allegedly requires parliamentary approval for disposal of significant state assets.
The petitioner argues that while the deal was structured as a share subscription, it effectively constitutes a sale of a state asset that should have received prior parliamentary approval. The petition seeks to have the transaction declared unconstitutional, null and void.
ZCCM-IH, which was wholly owned by the Zambian government at the time of the transaction, has contested the claims, stating in its response that "the Mopani transaction did not fall within the realm of Article 210 of the Constitution of Zambia."
The company first issued a cautionary announcement regarding this matter on June 26 and has advised shareholders to exercise caution when dealing in the company’s securities until further notice.
ZCCM-IH stated it will provide updates as the legal proceedings progress, in accordance with its disclosure obligations. The information was released in a press release statement through the London Stock Exchange’s news service.
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