CCPC Authorizes 29 Merges With Pledged Investment of US$931 Million From January To August, 2024
Competition and Consumer Protection Commission (CCPC) has disclosed that it authorized 29 mergers and acquisitions with a pledged investment of US$931 million from local and foreign investors between January and August 2024.
Commission Executive Director, Brian Lingela revealed in a statement that economic sectors that saw business re-arrangements include banking and finance, retail and wholesale, manufacturing, agriculture, tourism and hospitality, information and communication technology, energy, construction, mining, services as well as insurance.
Mr. Lingela explained that one of the notable mergers involve Mwinilunga Exploration Limited, Tertiary Minerals Zambia Limited and Mwashia, which is expected to attract more than K150 million in the mining sector, in addition to the guaranteed exploration and mining infrastructure development.
“The Commission is hopeful that this investment will result in improved copper production which will contribute to the attainment of the national annual production target of three million metric tonnes of the commodity, empower MSMEs and result in job creation.,” Mr. Lingela stated.
He further disclosed that the Commission also reviewed a merger regarding acquisition of 80% shareholding in Lubambe Copper Mines Limited by JCHX Mining Management Company Limited, which will result in investments of US$300 million to operate and extend the life of the Mine.
“The Commission noted that there was a trend for a 3-year period from 2021, 2022 and the trajectory observed in 2023 showed a downward depressive state of Lubambe Copper Mines Limited.”
“Therefore, the Commission noted that the transaction was crucial to securing Lubambe Copper Mines Limited as a going concern to sustain employment and meet its liabilities,” he noted.
Meanwhile, Mr. Lingela revealed that the Commission recovered over K2.3 million in refunds from the various cases investigated across the country during the period under review, compared to K2 million in 2023.
He said about K980 million was recovered in in replacements, repairs, and performance or re-doing of services from the various cases investigated across the country, compared to K882 million last year.
Mr. Lingela also stated that in the period under review, the Commission closed 859 cases involving 1,008 provisions of the CCPC Act, with the retail sector accounting for 40.67%, financial sector 30.06% and ICT 14.29%.
