APPOINTMENT
APPOINTMENT OF INTERIM JOINT CEO OF ZAMBEZI PORTLAND CEMENT LIMITED
to the Judgement of the Court of Appeal of Zambia delivered on 3pt January, 2019, Finsbury Investments Limited (Finsbury) was confirmed as a 58% Majority Shareholder of Zambezi Portland Cement Limited (ZPC).
In light of the said Judgment, on 6th February, 2019 Finsbury paid into the High Court of Zambia ZMW580,000 (ZMK580,000,000) plus interest from 15th July, 2009 in favour of Antonio Ventriglia and Manuela Sebastiani Ventriglia which represents the value of the shares which were transferred to Finsbury in December, 2006 and January, 2007.
In order to immediately safeguard the interests of the employees and other stakeholders, Finsbury as a Majority Shareholder of ZPC has appointed with immediate effect, Mr. Phesto
Ndololo Musonda as Interim Joint Chief Executive Officer of ZPC to work with the current CEO appointee of the minority shareholder, pending a Directors' meeting of ZPC which- has been scheduled for 25th February, 2019, and a Shareholders' meeting scheduled for 4th March, 2019.
Mr. Musonda brings to ZPC a wealth of experience from the corporate world as an International Business Executive, Entrepreneur, and Industrialist. He currently holds various board positions in both national and private institutions. Finsbury is confident that Mr. Musonda will bring stability to the operations of ZPC, and wish him the very best in his new appointment.
Finsbury Investments Limited 12th February, 2019