ZCCM-IH sanctioned

ZCCM Investments Holdings (ZCCM-IH) Plc has been sanctioned by the Euronext (Paris) for non-publication of the 2021 financial statements by or before June 30, 2022.

Euronext (Paris), also called the Paris Stock Exchange, is one of the founding markets of the pan-European Euronext project.

It gathers more than 800 listed companies and 6, 200 institutional investors in a common pool of liquidity, allowing companies to finance their growth.

Euronext (Paris) has transferred ZCCM-IH’s listed shares to the Penalty bench/non-compliant issuers for breach of the requirements related to publication of financial statements.

ZCCM-IH Corporate Affairs Manager Loisa Mbatha has however stated that the sanctioning of the company as a result of the non-publication of the 2021 financial statements by or before June 30, 2022 was neither a suspension nor a delisting.

Ms Mbatha explained that the delay in releasing the results was due to the interruption in the completion of the fair valuation of assets and liabilities related to the acquisitions of 90 percent shares of Mopani as of 31 March 2021

“The fair valuation is a requirement as per International Financial Reporting Standards (IFRS) for incorporation in the 2021 financial statements,” she said.

And ZCCM-IH Company Secretary Chabby Chabala said the fair valuation exercise was expected to be completed before the end of the year, after which the audit would then be finalised.

Mr Chabala said the company would in the meantime issue provisional financial statements for the said financial year within this month.

The financial statements audit for the year 2021 awaits completion of fair valuation of assets and liabilities related to the acquisitions of 90 shares of Mopani Copper Mines PLC as of March 31, 2021.

“The fair valuation is required for incorporation in the 2021 financial statements as per International Financial Reporting Standards,” he said.