Business

ZCCM-IH moves shares in Investrust, Mushe to IDC Group

NKOLE MULAMBIA, Lusaka
ZCCM-Investments Holdings (IH) will transfer its shares in Investrust Bank Plc and Mushe Milling to Industrial Development Corporation (IDC) Group in line with the restructuring and re-organisation agreement. Last year, IDC board of directors approved the proposed IDC Group and ZCCM-IH re-organisation exercise to achieve optimisation of operations and unlock opportunities for synergy within the group. The company has since signed a group restructuring and re-organisation agreement with IDC Group to transfer its entire 71.4 percent of issued share capital in Investrust Bank and its complete 100 percent of issued capital and shareholder loan in Mushe Milling Limited to IDC. The IDC portfolio currently includes companies in the banking sector, such as Zanaco Plc, Indo Zambia Bank, Zambia Industrial and Commercial Bank and Superior Milling Limited in the milling industry. ZCCM-IH company secretary Chabby Chabala said in a statement yesterday that the board of directors signed a group restructuring and re-organisation agreement with IDC Limited to transfer share capital in the two firms. “ZCCM-IH will transfer its CLICK TO READ MORE




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