Origination Memo: ZCCM Investments Rights Issue Q4 2026

Date: 2026-03-10 Author: Ceasar Siwale, Managing Director Status: Approved

Issuer

ZCCM Investments Holdings plc (ZCCM-IH) is a state-linked investment holding company listed on the Lusaka Securities Exchange and the London Stock Exchange. It holds strategic stakes in Zambia's key mining and energy assets, including a residual interest in Konkola Copper Mines and a growing portfolio of base metals royalties.

Transaction Thesis

ZCCM-IH seeks to raise ZMW 12 billion (approx. USD 480 million) via a rights issue to fund the acquisition of an additional stake in the Sentinel copper mine and retire near-term debt at the holding company level. The rights issue will be structured at a 15% discount to the 30-day VWAP.

Why Pangaea

Pangaea has a six-year relationship with ZCCM-IH's CFO and has previously advised on two secondary market transactions. Our local market knowledge, NAPSA and ZSIC relationships, and LuSE listing expertise give us a credible path to closing a fully subscribed book.

Recommended Next Step

Proceed to onboarding. Engagement letter to be sent by 2026-03-14. Conflict check cleared. No competing mandates identified.

Risk Flags

• Regulatory approval from the LuSE and the Ministry of Finance is required before launch. Timeline estimated at 8 weeks.
• Existing shareholders may not all exercise their rights; sub-underwriting discussions to commence with NAPSA in week two of onboarding.