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International Monetary Fund (IMF) has emphasised the need to maintain supportive adoption offiscalinternetand monetary policies until the world is penetration amidoutCovid-ofthe19health crisis caused by Covid-19. has resulted in 11.8 percent increase of Zambia’s internet growth.
INDO Zambia Bank (IZB) reported a 38.9 percent business growth to K9.27 billion in 2020 amidst the difficult economic
In the same vein, ZCCM-IH will transfer 71.4
environment, as it becomes the third most
percent and 100 percent of its equity stake
profitable institution in country’s financial
in Investrust Bank and Mushe Milling Limited
sector.
respectively, to the IDC. This is part of its reorganisation exercise. This will enable two entities achieve optimisation of operations and unlock opportunities for synergy.
ZCCM-IH Company Secretary, Chabby
Chabala, posted announcement about the changes on Lusaka Securities Exchange (LuSE).
Mr Chabala said the ZCCM-IH board had approved the proposed the IDC/ZCCM-IH group reorganisation exercise where IDC transfers 25 percent of its equity stake in Kagem Mining Limited at fair market value.
He indicated that ZCCM-IH would transfer 71.4 percent equity stake in Investrust Bank Plc at fair market value to IDC.
The group will also transfer its 100 percent stake in Mushe Milling Limited to IDC at fair market value.
“These three corporate actions listed above will be undertaken simultaneously as a corporate group reorganisation exercise involving IDC and ZCCM-IH and constitute the proposed group portfolio rationalisation and reorganisation,” Mr Chabala said.
Mr Chabala explained that the rational for the proposed group reorganisation was that the board considered the measure to enhance, improve operational efficiency and performance of ZCCM-IH.
He said the group was streamlining management oversight on its investments portfolio to support and sustain company growth
unlock value for its shareholders going forward.
“As per the LuSE listing requirements, the proposed group reorganisation involving ZCCM- IH and IDC a related party transaction and was thus subject to approval by shareholders of ZCCM-IH via a meeting and also subject to