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The Financial Conduct Authority (FCA) of the United Kingdom has temporary suspended trading of shares for ZCCM Investments Holdings PLC on the London Stock Exchange (LSE).
This is according to the market update posted on Lusaka Securities Exchange (LuSE) on Monday.
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In an order of the board signed by Company Secretary,Charles Mjumphi, the suspension is as a result of the non-publication of audited financial results for the years 2021 and 2022 within regulation time, which is four months from the financial year end.
He indicated that the financial statements audit for the year 2021 and 2022 have been delayed due to the prolonged completion of the fair valuation process of assets and liabilities related to the acquisition of 90 percent shares of Mopani Copper Mines PLC as of March 31, 2021.
“The fair valuation exercise involves critical and complex judgment.
“The Company has made substantial progress and expects that the audit process should be concluded by end of May 2023,” Mjumphi said.
He said that ZCCM-IH anticipates that the audited 2021 and 2022 financial results will be issued to the market on or before June 30, 2023.
Mjumphi said in lieu of the audited financials, ZCCM-IH has made efforts to compensate for this delay and provided shareholders with unaudited financial results.
“In October 2022 both the provisional abridged financial statements for the year 2021 and unaudited half year results for the year 2022 were issued to the market,” he said.
Mjumphi said in view of the suspension of trading on the LSE, ZCCM-IH will engage the LSE on corrective measures that can be employed to rectify the situation.
He said ZCCM-IH will endeavour to keep both shareholders and stakeholders informed of the developments regarding this suspension.
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