NOTHING SINISTER ABOUT VEDANTA SELLING SHARES
…..as long as it is done within the confinement of the Laws, says Mines Minister
Lusaka… Monday April 22, 2024
Mines and Minerals Development Minister Paul Kabuswe says there is nothing wrong with Vedanta Resources trying to sale shares in Konkola Copper Mines Plc as long as it is done within the confinement of the Laws of Zambia.
Media reports indicate that Vedanta Resources has offered to sale 51 percent of its 80 percent newly acquired shares in Zambia’s Konkola Copper Mines (KCM) to International Holding Company (IHC) of Abu Dhabi.
Addressing journalists in Lusaka this afternoon, Hon Kabuswe said those who are questioning this move do not understand how businesses are run.
“Any business that has shareholders can go to shareholders to raise money or can use their shares as long as it is within the confinement of the law. If you are as a Zambian has a business and you are shareholders with shareholder X, you can even take 5 percent of your shares and say I am offloading these shares if you have money bring your money and invest in my company, there is nothing wrong with that,” he said.
“If First Quantum Minerals wants to do that there is nothing wrong with that as long as it is within the confinement of the Laws of Zambia. So for someone to attack that Vedanta is selling its shares in KCM, that is just lack of understanding of how business is run. That’s why in business there is what is called shareholder loan and shareholder equity.”
Hon Kabuswe emphasized that if Vedanta is raising money through their shares within the confines of the law, there is nothing wrong with that.
He said what government wants is to have an asset that is functional and productive.
“We are following this matter closely to make sure that whatever transaction anybody goes into around these assets where we have interest are done within the confines of the law and done according to the implementation agreement and shareholders agreements,” he concluded.
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Ba kabuswe respond like a minister don’t lecture us on equity and shares.
The concern is how can you place two big national entities in one hand, are you not seeing trouble there, can you be a bit more serious as mines minister.
I wrote an article about criminal Argawal last year and how he operates, and what I wrote has come to pass. He has no interest in running KCM Plc. The idea was to get the mine back , and thereafter sell it..and again IHC is back in the picture!
There is something going on with our Assets…How KCM was given back to criminal Argawal; the sale of Mopani Copper Mines PLC to IHC and now again the sale KCM to IHC…and in a few years time, most likely next year, IHC will sell the shares to the real owners…the criminals who have been moving the pieces.