ZCCM Investments Holdings PLC

M&A Activity • Sep 30, 2025

SENS ANNOUNCEMENT

(the "Notice" or "Announcement")

Investors are advised to seek the advice of their investment advisor, stockbroker, or any professional duly licensed by the Securities and Exchange Commission of Zambia to provide securities advice.

ZCCM INVESTMENTS HOLDINGS PLC

[Incorporated in the Republic of Zambia] Company registration number: 771 Share Code: ZCCM-IH ISIN: ZM0000000037 ["ZCCM-IH" or "the Company"]

ZCCM INVESTMENTS HOLDINGS PLC("ZCCM-IH") ACQUISITION OF 35% SHAREHOLDING IN MAAMBA SOLAR ENERGY LIMITED("MSEL") AND INVESTMENT IN THE 100MW SOLAR PV PROJECT

On 28th August 2025, the Board of ZCCM Investments Holdings Plc ("ZCCM-IH" or the "Company") approved a proposal to purchase a 35% stake in Maamba Solar Energy Limited ("MSEL"), a wholly owned subsidiary of Maamba Energy Limited ("MEL") incorporated on 28th January 2025 to invest in and develop the renewable energy business within the Nava Group in Zambia.

ZCCM-IH will purchase 35% of MEL's shares in MSEL while the remaining 65% will be held by Nava Global PTE Limited (previously known as Nava Bharat Singapore Pte Ltd) and consequentially, invest in the 100MWAC Solar PV Power project (the "Project"). MSEL has begun the development of the Project which is set to be commissioned in July 2026. Details of the project are tabulated below.

Title	Maamba Solar Energy Limited (MSEL)
About MSEL and Shareholding Structure	• Incorporated in January 2025 as a Special Purpose Vehicle (SPV) for the development of solar energy projects. Shareholding: ➢ ZCCM Investments Holdings Plc (ZCCM-IH): 35% ➢ Nava Global Pte Ltd: 65%
Project Location	Maamba, Sinazongwe District, Southern Province
Investment Description & Purpose	The project entails the development of a 100MWAC solar power plant under Maamba Solar Energy Limited
Strategic Rationale	• Contributes towards increasing Zambia's renewable energy generation capacity. • Supports Zambia's renewable energy transition in line with national energy diversification policy • Expands and strengthens ZCCM-IH's energy portfolio through renewable energy investments. • Provides long-term, sustainable, and clean power supply to mitigate load-shedding challenges. • Enhances ZCCM-IH's positioning as a strategic player in Zambia's energy security and green growth agenda.
Investment Salient Features	• Total Investment Cost: USD 90 million.

	• Financing Structure: 70% debt (USD 63 million) ➢ ➢ 30% equity (USD 27 million) • ZCCM-IH Equity Contribution: USD 9.45 million (aligned with 35% shareholding). • Project Life Span: 25 years, extendable. • Power Purchase Agreement (PPA): 20-year agreement signed with ZESCO in May 2025
Transaction Categorization	• As of 25 September 2025, ZCCM-IH Market Cap= USD 1062.03 million Transaction Consideration= USD 9.45 million • Accordingly, the percentage ratio of the consideration to the market capitalization of ZCCM IH is 1%. • In accordance with the Categorization methodology of Section 9 of the Listings Requirements of the Lusaka Securities Exchange ("LuSE"), the Transaction does not fall within either Category 1 or Category 2.
Expected Outcomes	• Increased national energy generation capacity by 100MW • Strengthen ZCCM-IH's footprint in the renewable energy sector. • Promotion of climate-resilient infrastructure contributing to Zambia's sustainability commitments Job creation during construction and operations, • supporting local economic development.
Expected Delivery Timeline (Completion & Commissioning)	Project commissioning expected within 10 months following final approvals.

ZCCM-IH remains committed to alleviating the challenges brought on by Zambia's energy crisis through its strategic energy investments to ensure that critical industries can continue to thrive; and MSEL is no exception. ZCCM-IH will provide its shareholders with updates on the Project's completion in future SENS publications.

By Order of the Board

Charles Mjumphi

Company Secretary

Issued in Lusaka, Zambia on Monday, 29 September 2025

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First Issued on 29 September 2025