According to ZCCM-IH Company Secretary Charles Mjumphi, the London Stock Exchange (LSE) has suspended the company from trading temporarily. This is due to the company’s failure to comply with the requirement to publish audited financial results for both 2021 and 2022.
ZCCM-IH, a mining company based in Zambia, has recently announced a temporary suspension on the London Stock Exchange. According to Mr. MJUMPHI, this suspension goes against the Financial Conduct Authority’s Disclosure and Transparency Rules. Further details on the reasons for the suspension have not yet been provided.
The suspension was due to delays in the company’s audit process, which prevented them from meeting the exchange’s reporting requirements. However, the company has since made progress with the audit and plans to release financial results for the 2021 and 2022 fiscal years by June 30, 2023.
According to Mr. Mjumphi, the delay is due to the prolonged completion of the fair valuation of assets and liabilities related to the acquisition of 90-percent shares of Mopani Copper Mines PLC as of March 31, 2021.
ZCCM-IH has recently announced a temporary suspension on the London Stock Exchange, and the company’s spokesperson has explained that they will be working with the exchange to address and correct the issue. Further details on the nature of the suspension and the specific corrective measures being taken have not yet been disclosed.
The notice was issued by Mr. Mjumphi and has been made available to stakeholders, as well as being accessed by Melo Media News. The reasons for the suspension have not yet been disclosed.
