Acquisition Of 60% Stake In Abuja Power Firm Saves Zambian Company From Collapse

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VENTURES AFRICA – Lusaka Stock Exchange listed power distribution giant, Copperbelt Energy Corporation (CEC) says the 60 percent stake it acquired recently from Abuja Electricity Distribution Company (AEDC) saved it from collapse.
CEC company secretary Julia Chaila said operating loss of 116 million Zambian Kwacha ($18 million) was mitigated by the one-off gain on CEC Africa’s purchase of AEDC assets.

“Total assets also grew during this one year period under review by over K1 million ($163,000) to K4.4 million ($718,000) Kwacha mainly on the acquisition of the transmission and distribution assets of AEDC worth over K2.4 million ($391,884),” said Chaila.
CEC, a member of SAPP and listed on the Lusaka Stock Exchange, is an independent power transmission and quality electricity distribution company with interests in Zambia and sub-Saharan Africa, including optic fibre based telecommunications. As a developer of energy
Infrastructure in Africa, CEC is respected in the region for its skills in designing and operating transmission systems and its status
as an emerging independent power generating company.