Categories: Business Editor's Picks

ZCCM-IH’s suspension on LSE will indirectly affect economy – Expert

• This is because there will be no income coming into the stock exchange where ZCCM-IH normally generates money from.
• However, this will not kill the economy.
• People should worry so much because it’s just a suspension not an expulsion.

A Mine Expert says suspension of ZCCM-IH’s trading of shares on the London Stock Exchange (LSE) by the Financial Conduct Authority will indirectly affect the country’s economy.
Speaking in an interview with Money FM News, Edward Simukonda says this is because there will be no income coming into the stock exchange where ZCCM-IH normally generates money from.
Mr. Simukonda however states that this will not kill the economy, as it is something that can be quickly corrected within two, or three weeks, hence shareholders should not worry because a suspension is not an expulsion.
“The economy is indirectly going to be affected because there will be no income coming into the stock exchange that they normally make money from that is the only effect that we are going to have. Otherwise, it is not something that’s going to going to kill the economy; it is just something that must be quickly corrected.”
“People especially shareholders, should worry so much because it’s just a suspension not an expulsion and after things have been corrected, everything will get back to normal hopefully in two or three weeks. We just pray that things will be corrected quickly,” Mr. Simukonda stated.
He also advised the Company to be efficient to ensure that all documentation is presented in good time and correctly.
“My advice to the company is that they should be efficient as much as possible to ensure that all documentation is presented in good time and correctly in a proper manner so that this thing does not happen again,” he added.
ZCCM Investment Holdings (ZCCM-IH)’s trading of shares on the London Stock Exchange (LSE) has been temporarily suspended by the Financial Conduct Authority of the United Kingdom for non-publication of audited financial results for 2021 and 2022 within regulation time, which is four months from the financial year end.
According to Company Secretary Charles Mjumphi, the delay in the financial statements audit for the 2021and 2022 is due 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 Company has made substantial progress and expects that the audit process should be concluded by end of May 2023. ZCCM-IH anticipates that the audited 2021 and 2022 financial results will be issued to the market on or before 30th June 2023,” Mr. Mjumphi stated.

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