ZCCM-IH Trading on London Stock Exchange Temporarily Suspended
ZCCM Investment Holdings PLC (ZCCM-IH) has announced that the trading of its shares on the London Stock Exchange (LSE) has been temporarily suspended due to non-compliance with Disclosure and Transparency Rule 4.1.3. The rule pertains to the publication of audited financial results, and the suspension is a result of the non-publication of audited financial results for the years 2021 and 2022 within the regulation time of four months from year-end.
The delay in the financial statements audit for the years 2021 and 2022 is attributed to the prolonged completion of the fair valuation process of assets and liabilities related to the acquisition of 90% shares of Mopani Copper Mines PLC as of 31 March 2021.
The fair valuation exercise involves critical and complex judgment. However, ZCCM-IH has made substantial progress, and the audit process is expected to be concluded by the end of May 2023. The company anticipates that the audited 2021 and 2022 financial results will be issued to the market on or before 30 June 2023.
In the absence of audited financials, ZCCM-IH has provided shareholders with unaudited financial results, including the provisional financial statements for the year 2021 and unaudited half-year results for the year 2022, which were issued to the market in October 2022.
ZCCM-IH has pledged to engage with the LSE on corrective measures that can be employed to rectify the situation. The company will also keep both shareholders and stakeholders informed of any developments regarding this suspension.
