Wednesday 20th September 2017

Lungu To Sell ZCCM Shares To The Israelis

Zambia is Africa’s second-largest copper producer,  and news has broken that President Lungu is talking to an Israeli company that wants to buy a stake in state mining investment arm Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH).

Israel’s Sapir Capital had expressed interest in buying a stake worth more than $100 million in ZCCM-IH, the source close to the negotiations said.

“It’s in the pipeline, but I can’t comment on whether it will happen or not,” the source added.

Officials at Sapir Capital could not be reached.

The state-owned Industrial Development Corporation Ltd (IDC), an investment company wholly owned by the government, is the majority shareholder in ZCCM-IH. About 800 Zambians bought shares in ZCCM-IH during a 2015 sale of shares in the company, the source said.

The company, which holds a minority state in foreign mining firms in Zambia, has more than 4,000 shareholders and its market capitalisation is over $657 million, according to information on its website.

 

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