(DAILY MAIL) Vedanta gets 28.4% more shares in KCM
Vedanta gets 28.4% more shares in KCMBy KASUBA MULENGA
VEDANTA Resources Plc has acquired a further 28.4 percent shares in Konkola Copper Mines (KCM), bringing its total shareholding in the mining company to 79.42 percent. Acting Minister of Finance and National Planning, Felix Mutati, announced this in a statement issued in Lusaka last evening.
“Pursuant to the call option deed between Vedanta Resources Plc and Zambia Copper Investments, Vedanta has exercised its option to acquire a further 28.4 percent shares held by Zambia Copper Investments in KCM,” he said.
Mr Mutati who is Minister of Commerce, Trade and Industry, said the call option deed was binding between Vedanta Resources Plc and Zambia Copper Investments and was not subject to any further approvals or consent of Government.
“To this effect, an agreement has been reached in principle for Vedanta to offer part of its shareholding in KCM to the Zambian public, cognisant of the need for greater participation of Zambians in corporations operating in Zambia,” he said.
Mr Mutati said following Vedanta’s exercise of its option to acquire the 28.4 percent shares held by Zambia Copper Investments in KCM, Government was now in the process of constituting a negotiation team which shall soon be meeting another team from Vedanta.
He said Government had the desire to ensure that it maximised the possible benefits that would arise from the transaction.
Mr Mutati said Government expected the negotiations between the two teams to result in the best possible resolution to safeguard the public interest in KCM.
posted by MrK @ 7:05 PM
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