Maravi

ZCCM-IH extends deadline for submission of bids

ZCCM-IH extends deadline for submission of bids
By Kabanda Chulu
Tuesday February 19, 2008 [03:00]

ZCCM Investment Holdings (ZCCM-IH) has extended the deadline for submission of bids for the strategic partner to acquire equity in Maamba Collieries Limited. The government has transferred its 100 per cent shareholding in Maamba Collieries to ZCCM-IH for it to look for a strategic partner to help recapitalise the country’s largest coal mine.

According to a statement from ZCCM-IH, the closing date for submissions of bids by interested parties to acquire equity and develop the coal mine and a power generating plant has been extended to March 28, 2008.

“This has been necessitated by the logistical problems that arose about a fortnight ago following the floods that the country has been experiencing in the current rain season,” it stated.

Although ZCCM-IH acquired 100 per cent government shareholding in Maamba Collieries, the government would retain a golden share with rights to appoint a director to sit on the board.

The acquisition of the country's major coal mine followed the signing of the share transfer agreement between the government and ZCCM-IH and the agreement in support of the scheme of arrangement between the government, ZCCM-IH and Maamba Collieries Limited.

ZCCM-IH would pay an agreed price purchase consideration in order to acquire the 100 per cent shares that would also result in taking over all trade creditors' liabilities which are the subject of the scheme of arrangement.

Labels: MAAMBA COLLIERY, ZCCM-IH

posted by MrK @ 7:29 AM