[miningmx.com] — ZAMBIA Copper Investments (ZCI) proposes to change its name to ZCI Ltd from February 1, and relist on the JSE’s main board under the basic resources (non-ferrous metals) sector.
Following the conclusion of the sale of the company’s remaining shareholding in Konkola Copper Mines in 2008 to Vedanta Resources, the company was reclassified as a cash shell in terms of the JSE’s Listings Requirements.
At this juncture, the ZCI board decided to pursue a new business plan and to acquire high value assets in the mining and metals sector in the Southern African region. In order to achieve this objective, the board appointed iCapital (Mauritius) to source and review potential investment opportunities.
To date, ZCI has successfully concluded negotiations for the refinancing and acquisition of a majority holding in African Copper. This transaction marks what is firmly believed to be the commencement of ZCI’s new strategy aimed at investing in the mining and metals sector of the Southern African region, the company said.
ZCI’s shares were suspended from trading on the JSE on 12 January 2009, triggering a simultaneous suspension on Euronext.
The lifting of the suspension of ZCI’s listing is expected to be effective from commencement of trading on the JSE and Euronext on January 15. A total of 55,677,643 issued ordinary shares in ZCI will be re-listed on the JSE.
The rationale for the name change is to more appropriately reflect the profile and future strategy of the company and to enhance the position of the company for international markets, including alignment with the company’s new business plan.
