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ZCCM-IH to give up shares in Nkana Alloy

By CHINTU MALAMBO
ZCCM-IH will exit the shareholding structure of Nkana Alloy and Smelting Company Limited and the value of its 10 percent shareholding will be ascertained within sixty days.
This is confirmed in a consent filed in the Lusaka High Court, where Tiajin Maolin Science and Technology Company limited, the State and ZCCM-IH have agreed that ZCCM-IH leaves shareholding structure of Nkana Alloy smelting company limited.
This is in a matter where ZCCM-IH and the State through the Attorney General were sued in the Lusaka High court by Tiajin Maolin Science and Technology Company limited for refusing to exit the shareholding structure of Nkana Alloy smelting company limited as agreed.
According to a consent order authorized by High Court judge Annesie Banda-Bobo, the parties agreed to ascertain the value of ZCCM-IH’s 10 percent shares within 60 days.
It was settled that the State will compensate ZCCM-IH for the portion of its shares divested from Nkana Alloy smelting company limited , arising out of the disposal by the State of ZCCM-IH ‘s portion of the Nkana Slag dump to known persons.
“The plaintiff will purchase the portion of ZCCM-IH ‘s shares that remained following the State’s disposal aforementioned,” reads part of the consent order.
“Immediately upon the plaintiff purchasing ZCCM-IH ‘s shares , ZCCM-IH shall cease to hold shares in Nkana Alloy smelting company limited and shall perfect all the documents regarding their divestiture from Nkana Alloy smelting company limited,” ordered judge Banda-Bobo
Judge Banda-Bono further, directed that each party shall bear their own costs.

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