Maravi

ZCCM-IH proposed agricultural investment could change – Lungu

COMMENT - First of all, why is ZCCM-IH (a state owned holding company) looking for investment objectives. Give the money to the state, and let the state have it's own economic plans. This seems so disorganized. It is as if ZCCM-IH never planned on having a return on their shareholdings, and now they don't know what to do with it. Just add it to national revenues. Oh and by the way, I have a few ideas for agricultural investment. However, this is no substitute for getting a billion a year and having an agricultural policy.

ZCCM-IH proposed agricultural investment could change – Lungu
By Chiwoyu Sinyangwe
Thu 27 May 2010, 04:00 CAT

ZCCM Investment Holdings (ZCCM-IH) has said its proposed investment in agricultural projects in Central and Copperbelt provinces using the dividends from Kansanshi Mining Plc may be changed as it is not concrete.

Board chairman Alfred Lungu announced early this month that ZCCM-IH had identified some land in the Central and Copperbelt provinces for it to undertake some agricultural activities from US $18.1 million dividend from Kansanshi Mining Plc, but the move has been roundly criticised by some interest groups.

ZCCM-IH acting chief executive officer William Musama stated that the firm was still searching for viable investment projects in the country.

He said the initial decision to invest in agricultural projects in Central and Copperbelt could still be changed.

“ZCCM-IH is actively searching for profitable projects all over Zambia, with the agricultural land in Central and Copperbelt merely being some of the potential investments,” Musama stated.

“To this end, nothing has been concretised as the process of due diligence and investment identification by management and the board is still going on.”

Musama said the dividend from Kansanshi Mining Plc had given ZCCM-IH more investable funds.

“The Kansanshi Mining Plc dividend has added to the pool of resources that ZCCM-IH receives from its many investments,” stated Musama. “This pool of resources will be utilised to invest in project proposals or companies that meet the company’s criteria for viability and profitability. The resources will also be used to discharge historic liabilities.”

Labels: ALFRED LUNGU, WILLIAM MUSAMA, ZCCM-IH

posted by MrK @ 2:32 PM