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CEC Africa Investments Limited (CECA.zm)

CEC Africa Investments Limited (CECA) was established in early 2013 as a pan-African company with a mandate to develop, finance and operate power projects across Sub-Saharan Africa. Sponsored by one of Africa’s most successful private utilities (CEC Plc from Zambia), CECA was set up to leverage indigenous talent in the power sector and bring about the necessary capital to assist in building Africa’s energy platform. CECA was incorporated under a Category 1 Global Business License company in Mauritius.

Three Reasons to Consider Investing in CEC Africa Investments Limited (CECA.zm)


Develop, Operate & Finance

CEC Africa develops, finances and operates hydro, thermal and transmission power and energy infrastructure projects in Africa


CEC Africa provides unique turnaround investment exposure to Nigerian power distribution sector covering +10m people.


Investment exposure to Nigeria’s newest hydro-electric power plant: Shiroro Hydro Power Station.
See our share price in action

Our Share Price in Action

0.18 0.00 / 0.00%
Year to date 0.00%
52 Week Change -10.00%
52 Week Low
52 Week High


SalesZMK 0.18
ValueZMK 937.98
Market capZMK 292,500,107
Shares issued1,625,000,597


Sector Energy
Exchange Lusaka Securities Exchange
ISIN ZM0000000516
YEAR Quoted 2017
Year End December


P/E 0.00
Div. Yield 0.000%
EPS US(c) 0.00
P/B Ratio 0.00
EV / Ebitda 0.00
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Top Shareholders15th May, 2019

Marina IV (Singapore) Pte424,864,776 (26.15%)
ZCCM Investments Holdings Plc325,000,000 (20.00%)
Zambian Energy Corporation Ltd282,111,352 (17.36%)
Other593,024,469 (36.49%)

Company Information

Registered Name CEC Africa Investments Limited (CECA.zm)
ISIN ZM0000000516
Ticker Code CECA.zm
Sector Energy
Stock Exchange Lusaka Securities Exchange
Chairman Siyanga Malumo
Managing Director Emmanuel Katepa
Company Secretary Mauritius International Trust Company Limited
Transfer Secretary Corpserve Transfer Agents Limited (zm)
Year End December
Year Founded 2013
Year Quoted 2017
Website Address cecafrica.com
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10 Apr 2020AR Sign up for email alerts to receive this document in your email as soon as its released N/A
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30 Jun 2020HYHalf year end | Sign up for email alerts N/A
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31 Dec 2020FYFull year end | Sign up for email alerts N/A

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Documents and Reports

CEC Africa Investments Limited (CECA.zm) invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded.

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What makes CEC Africa Tick?


The facts that affect CEC Africa’s underlying value.

Statement of Income extract All values in US Dollars

  31 Dec 14 31 Dec 15 31 Dec 16 31 Dec 17 31 Dec 18 5-year trend
Revenues 289,043,000324,437,000230,338,000216,771,000264,454,000
Attributable PAT (200,191,000)(131,823,000)(206,870,000)(156,223,000)(125,899,000)

Statement of Financial Position extract All values in US Dollars

  31 Dec 14 31 Dec 15 31 Dec 16 31 Dec 17 31 Dec 18 5-year trend
Shareholders funds (9,186,000)(14,046,000)(80,059,000)(201,200,000)(260,969,000)
Net interest bearing debt 203,554,000158,954,000162,395,000163,606,000279,878,000
Cash on hand 59,117,00020,754,00012,097,00022,901,00022,285,000
Interest bearing debt 262,671,000179,708,000174,492,000186,507,000302,163,000
Net current assets (222,601,000)(317,246,000)(337,633,000)(631,000,000)(829,424,000)
Our Corporate Governance

Corporate Governance

The Board formulates the overall strategies and policies of the Company. Its principal function is to promote the long-term success of the Company by creating value and delivering sustainable shareholder value, as well as achievement of short term objectives. The Board comprises six non-executive directors.

Board Composition

  1. The board shall comprise a maximum of twelve (12) directors.
  2. The board shall at all times have two resident Mauritian directors as required by Mauritian law.
  3. The two resident Mauritian directors shall be independent directors.
  4. The Directors shall be subject to retirement by rotation every three (3) years. A retiring Director shall be eligible for reappointment.
  5. A Director who is more than 70 (seventy) years old shall not be eligible for appointment to the board.
  6. The Board shall use its best efforts to ensure that its members can act critically and independently of one another.

Executive Directors

  • Mr Emmanuel Katepa (Managing Director)

Non-Executive Directors

  • Mr Siyanga Malumo (Chairman)
  • Mr Peter Siaw*
  • Mr Amal Arpun Autar*
  • Mr Reynolds Chanda Bowa
  • Mr Ronald Tamale
  • Mr Derek Chime
*Independent non-Executive

CECA.zm | Board Charter

The board of directors may delegate their powers to standing committees and/or ad hoc committees at their own discretion. Standing committees will include: Executive Committee, and Audit Risk and Compliance Committee.

Committee Members shall recuse themselves from voting in the event of conflict of interest; which interest shall be declared at the start of a committee meeting.

Audit and Risk Committee
Members: P. Siaw (Chairman), D. Chime, R. Bowa, S. Malumo

The Audit and Risk committee has been established to:

  • monitor and enhance the adequacy and effectiveness of internal control processes;
  • provide oversight for the external auditors, including review of the audit plan and overall audit approach;
  • nominate external independent auditors and recommend an appropriate audit fee;
  • review draft financial reports, including interim and annual financial statements prior to approval by the Board;
  • monitor and ensure regulatory compliance, as well as adequacy and effectiveness of systems for monitoring compliance with laws, regulations, and Company policies and procedures;
  • monitor and review risk management policies;
  • review all regular reports provided on health, safety and environment.

CECA.zm | ARC – Terms of Reference

Executive Committee
Members: R. Bowa (Chairman), S. Malumo, R. Tamale, A. A. Autar

The Committee’s core responsibilities include, inter alia, to:

  • act on all matters as delegated by the Board;
  • act on behalf of the Board on urgent matters arising between regular Board meetings and in instances where it is not possible or practical to convene a meeting of the Board, and bring such matters to the attention of the full Board;
  • report to the Board at the ensuing board meeting on any decisions taken on behalf of the Board under the Committee’s delegated authority;
  • provide oversight of the operational and financial management of the Company;
  • review investments and dis-investments proposed by the management of the Company, for approval by the Board;
  • oversee performance of the Company and investee companies;

CECA.zm | ExCo – Terms of Reference

The Board of Directors is responsible for the overall direction, supervision and control of CEC Africa Investments Limited (“the Company” or “CECA”) by directing the affairs of the Company in a manner that seeks to maximize the value of the Company for the benefit of its shareholders, while complying with the relevant regulatory requirements, the Company’s Constitution and relevant corporate governance standards.

Core Responsibilities

  1. Representing and protecting the interests of the Company.
  2. Ensuring the prosperity of the company by prudently directing the affairs of the company and its investments.
  3. Approving the corporate strategy of the company from time to time.
  4. Identifying and setting the key performance measures from time to time.
  5. Identifying business risk areas and overseeing risk management.
  6. Approving investments and major asset purchases.
  7. Selection and appointment of key management executives.
  1. Approving executive compensation packages.
  2. Protecting the company’s reputation.
  3. Identification and nomination of candidates to fill any gaps in skills and expertise detected on the board.
  4. Identification and nomination of candidates to represent the company’s interests in investee companies both as senior management and board directors.
  5. Ensuring compliance with laws and regulations.
  6. Acting and speaking in concert with respect to important affairs and matters of principle.
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Registered Address

CEC Africa Investments Limited (CECA.zm)Address:- C/o Mauritius International Trust Company Limited
4th Floor, Ebène Skies
Rue de L’Institut, Ebène
Republic of Mauritius
Telephone:- +260 212 244 915

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Transfer Secretaries

Corpserve Transfer Agents Limited (zm)Address:- 6 Mwaleshi Road
Olympia Park
P O Box 37522
Lusaka 10101
Telephone:- +260 211 256969/70

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