LUSAKA, May 8 (Xinhua) -- Zambia's state-owned investment arm in mining firms on Monday announced the appointment of a new head after the resignation of the previous chairperson.
Kakenenwa Muyangwa, a mining and financial expert with more than 35 years, has been appointed as chairperson of the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), taking over from Dolika Banda who resigned last week, according to a statement.
Muyangwa has since thanked his predecessor for improving and emphasizing good corporate governance practices and business controls in the company during her tenure that have helped in setting the company on its growth trajectory.
He said Banda, who had been chairperson for the past 15 years, has left the ZCCM-IH in a stronger position for continued growth. He pledged to continue with the mandate of ensuring that the ZCCM-IH becomes a financially and socially sustainable mining-focused investment holding company that optimizes shareholder value and returns.
Banda, the immediate past chairperson, expressed gratitude for being given the opportunity to serve as chairperson and stated that she believed in the future of the ZCCM-IH and that it was well-positioned to advance Zambia's economic interest in the mining sector.
Her abrupt resignation has raised eyebrows in some quarters with critics saying she was not happy with the government's interference especially after the London Stock Exchange suspended the ZCCM-IH share listing on the bourse. The suspension is with effect from May 2, 2023.
The ZCCM-IH company is listed on both the Lusaka Stock Exchange and the London Stock Exchange.
Thiery Charles, a spokesperson of the ZCCM-IH minority shareholders, said Banda's resignation was a bad sign for the company and the country's mining interests.
The ZCCM-IH, however, said the suspension on the London Stock Exchange was temporary due to the late publication of audited financial statements.
Charles Mjumphi, the company secretary, said in a statement that the financial statements audit for the year 2021 and 2022 have been delayed due to the prolonged completion of the fair valuation process of assets and liabilities related to the acquisition of 90 percent shares on Mopani Copper Mines Plc as of March 31, 2021.
He said the company has made substantial progress and expects that the audit process will be concluded by the end of May 2023. ■