PF to sale remaining stake in ZCCM IH

The PF is about to sale the little remanning stake in ZCCM Investments Holdings, a state controlled mine holding company, for more than $100 million, according to Bloomberg news agency

Sapir Capital, an Israeli private equity company that’s invested in industries from nanotechnology to oil and gas, is waiting for final government approval for the acquisition of the 17.25 percent stake directly held by the government, said two of the people who asked not to be identified as the information has not been made public. A minority shareholder group welcomed Sapir’s investment, without giving further detail.

ZCCM-IH, which has minority stakes in the local units of companies including Vedanta Resources Plc, First Quantum Minerals Ltd. and Glencore Plc, wasn’t immediately able to comment. Including its direct stake government owns 77.5 percent of the Lusaka-based company, including a 60.28 percent shareholding through the Industrial Development Corp., of which President Edgar Lungu is chairman. Lungu’s spokesman wouldn’t immediately comment. The state pension fund also holds 15 percent of the company with the rest held by minority shareholders.

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