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ZCCM to offload non mining investments

ZCCM to offload non mining investments
By ADRIAN MWANZA
ZCCM Investment Holdings has indicated that it will offload all its non-mining investments as they were not profitable.


ZCCM-IH Chief Executive Officer Mabvuto Chipata said when he appeared before the National Assembly Committee on parastatals, the firm would only focus on its companies that were involved in mining.


This was after the committee chaired by Zambezi East MP Brian Kambita inquired on the status quo of Ivestrust Bank and Ndola Lime which were not making profits and did not have any liquidity.
Mr Chipata said that ZCCM-IH would just focus on its mining firms and that it had restructured Ndola Lime and was looking for an equity partner to help the business be more viable.


“Our focus now will just be our mining investments while we are going to let go of other ventures that are not related,” he said.
And Mr Chipata said that ZCCM-IH would completely do away with Investrust Bank because it was not performing well.


He told the committee that some mining firms were failing to pay dividends for some time which irked Roan MP Joel Chibuye who indicated that CNMC mines was making profits and that it was not possible that they could fail to pay dividends.


“CNMC is making a lot of money why then are they failing to pay dividends to ZCCM IH with the profits they are posting,” he said.

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