ZAMBIA Copper Investments (ZCI) has announced that it will seek shareholder approval for the share deal involving African Copper next Monday, paving the way for the re-listing of the group in the middle of this month.
Unveiling its results for the six months to September, chairman Tom Kamwendo on Thursday described the financial performance as a “reflection of the challenges that faced the company on entering an extremely important phase in its history”.
The company recorded a 54000 profit for the six months to September. “This is a direct consequence of the finance income earned being offset by normal operating expenses and the expenses incurred in preparing the circular to shareholders and the other ancillary professional reports,” he said.
On the share deal, Kamwendo said ZCI had subscribed for 676- million shares of African Copper, which holds exclusive rights for the exploration and development of ore-rich copper deposits in Botswana.
ZCI’s share has been suspended on the JSE since last January, while it searched for new investments. It was required by JSE rules to acquire operating assets or have its listing suspended.
Kamwendo said the company would seek shareholder approval for this transaction next Monday. Once obtained, the company’s classification as a cash shell would effectively cease, entitling it to be re-listed on the JSE’s basic resources sector with a new copper mining asset.
Source: Business Day
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