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Zambia’s state-owned mining investment vehicle, ZCCM Investments Holdings Plc, is planning to clean up its international listings and expand its free float, part of an ambitious strategy to access global capital markets and scale its metals trading footprint.
ZCCM has appointed advisers to improve the liquidity and appeal of its shares, which includes tracking down roughly 2,000 lost paper certificates for its London-listed stock, according to Chief Executive Officer Kakenenwa Muyangwa. The company is aiming to quintuple its market value over the next ten years.
“We believe that this is a good time for us to reach out to the international markets,” Muyangwa said in an interview, targeting a market capitalisation increase from approximately $1.4 billion to $7 billion.
The capitalisation drive aligns with the broader economic agenda of Zambian President Hakainde Hichilema. Since taking office, Hichilema has pursued investor-friendly policies to restore Zambia’s standing with international creditors following a major sovereign debt restructuring in 2024.
While ZCCM-IH maintains its primary listing on the Lusaka Securities Exchange, its secondary listings in Paris and London have long suffered from thin volumes. The London shares have faced multiple suspensions, most recently last month, due to chronic delays in publishing financial results.
The company attributed the regulatory setbacks to reporting delays from its underlying portfolio assets.
“We have had difficulty with some of our investment companies providing their financials rather late,” Muyangwa said. “It’s something that we’re working on in terms of accounting systems and making sure that we have the numbers on time.”
