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HomeNewsZCCM-IH trading temporarily suspended on London Stock Exchange

ZCCM-IH trading temporarily suspended on London Stock Exchange

ZCCM Investment Holdings PLC (ZCCM-IH) has recently announced the temporary suspension of its shares’ trading on the London Stock Exchange (LSE). This decision comes as a result of the company’s failure to comply with Disclosure and Transparency Rule 4.1.3, which mandates the timely publication of audited financial results. ZCCM-IH has not met the regulatory requirement of releasing audited financials for the years 2021 and 2022 within the four-month timeframe from year-end.

The delay in auditing the financial statements for 2021 and 2022 can be attributed to the extended completion of the fair valuation process of assets and liabilities linked to the acquisition of a 90% stake in Mopani Copper Mines PLC by ZCCM-IH, as of March 31, 2021. The fair valuation exercise involves intricate judgment and analysis, leading to the protracted timeline. However, ZCCM-IH has made significant progress, and it is expected to conclude the audit process by the end of May 2023. The company aims to release the audited financial results for 2021 and 2022 to the market on or before June 30, 2023.

In the absence of audited financials, ZCCM-IH has provided its shareholders with unaudited financial results, including the provisional financial statements for 2021 and unaudited half-year results for 2022, which were issued to the market in October 2022.

ZCCM-IH has expressed its commitment to engaging with the LSE in order to rectify the non-compliance issue and implement appropriate corrective measures. The company also assures its shareholders and stakeholders that it will keep them informed of any developments related to the temporary suspension of trading on the LSE.

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