Mushe Milling

Annual Report Summaries, Investee Companies

Mushe Milling Company Limited Extract from 2023 Annual Report  

Mushe Milling Ltd, initially acquired by ZCCM-IH in 2019, is undergoing liquidation as it is deemed not to be of strategic fit following a refocus to invest in mining and energy related investment in ZCCM-IH’s revised 2020-2026 strategic plan. The liquidation proceedings of Mushe Milling Limited (MML) began in July 2023 following the appointment of the office of the Official Receiver as liquidator.  

The liquidation of MML was still underway as at the end of the year. 
Annual Report Summaries, Investee Companies

Mushe Milling Company Limited Extract from 2022 Annual Report

Mushe Milling Limited (MML) earned a total of ZMW 38.93 million in revenue for the year ended 31 December 2022 (2021: ZMW38.15 million). MML recorded a net loss of ZMW16.4 million (2021: ZMW48.14 million loss).  

The Company remained undercapitalised with a negative equity position and current liabilities in excess of ZMW6.5 million. Due to its consistent weak financial position, only minimal debt amounts could be settled by the Company during the period and operations were halted due to MML’s inability to purchase its own maize stock.  

There were no dividends declared during the period under review (2021: Nil).  

Subsequent to year end, was placed under liquidation.  
Annual Report Summaries, Investee Companies

Mushe Milling Company Limited Extract from 2021 Annual Report

Mushe Milling Limited (MML) earned a total of ZMW38.15 million in revenue for the year ended 31 

December 2021 (2020: ZMW106.46 million). MML recorded a net loss of ZMW48.14 million (2020: 

ZMW19.65 million loss). 

The Company remained undercapitalised with a negative equity position and current liabilities in 

excess of ZMW45 million. Due to its consistent weak financial position, only minimal debt amounts 

could be settled by the Company during the period and operations were temporarily halted 

due to MML’s inability to purchase its own maize stock. ZCCM-IH intervened by entering into a 

maize supply agency agreement with MML in order to revive operations in Q1 of 2021. 

There were no dividends declared during the period under review (2020: Nil). 
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Job Advertisement: Finance Manager Mushe Milling.

ZCCM Investments Holdings Plc is looking to recruit a Finance Manager on behalf of Mushe Milling Limited.
Mushe Milling Limited is a subsidiary of ZCCM Investments Holdings Plc, trading as a milling company.

The Company invites applications from suitably qualified and experienced persons who are innovative, energetic, and performance-driven to fill the position of Finance Manager.

For detailed information about the position, please to the link below.

Applications together with copies of certificates and detailed curriculum vitae should reach the undersigned not later than 28th April 2021.

Human Resources Manager
ZCCM Investments Holdings Plc
ZCCM IH Office Park, Alick Nkhata Road
P O Box 30040
LUSAKA

Alternatively, forward your application to jobs@zccmnew.wpenginepowered.com

ROLE SPECIFICATIONS:

Accountability Key activities
Financial Controller for the business
  1. Overall responsibility of the Finance department operations (review financial statements, monthly MIS, Group reporting) and audits (internal, statutory).
  2. Financial evaluation of projects and post-implementation review of the projects
  3. Monitoring and evaluating business processes; suggesting and implementing changes to bring in control, efficiency and effectiveness.
  4. Involvement in operational functioning pertaining to procurement negotiations and cost savings.
  5. Reviewing the work of the Accountants/second in line if any and ensuring the procedures are adhered to.
Strategic Business Planning
  1. Maintaining a repository of data and information to support business processes
  2. Overseeing the implementation/maintenance of ERP system.
  3. Drafting capital expenditure plans and investments in line with business strategy
Planning &Budgeting
  1. Preparing Annual Budgets for the business unit
  2. Anchor the annual budgeting exercise and ensure that the business units have a sound rationale/ basis for the budgets
  3. Ensure maintenance and reporting P & L for the unit on a monthly basis
  4. Preparing Rolling Estimates for the company
  5. Preparing brand contributions, day sales inventory calculation
  6. Monthly Management reporting with detailed analysis of sales & profit along with a comparison with prior Rolling Estimate, Annual Budget & Previous Year
Accounting & Statutory Compliances
  1. Timely preparation of annual/monthly reports ensuring analysis of the performances on a monthly basis.
  2. Ensuring compliance to all applicable statutory and legal requirements for the assigned geography
  3. Planning and managing internal/statutory/tax audits
  4. Periodic compilation of a comprehensive checklist for audit and risk management
  5. Contributing to better corporate governance by identifying internal control weaknesses and implementing better controls

Reporting to:  Finance Director

Location:         Lusaka

CANDIDATE SPECIFICATIONS

Qualifications

  • Bachelors’ Degree in Accountancy/ACCA/CIMA

Experience

  • 5-7 years experience
  • Experience in FMCG/Manufacturing will be preferred
  • Knowledge of PASTEL Accounting Systems will be a must
  • Member of ZICA

Key Competencies and Skills

  • High on strategic thinking and achievement orientation.
  • Display the ability and sensitivity to manage complex stakeholder relationships,
  • Teamwork and collaboration and strong interpersonal and communication skills.

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Job Advert - Finance Manager Mushe Milling

Annual Report Summaries, Investee Companies

Mushe Milling Company Limited Extract from 2020 Annual Report

In September 2019, ZCCM-IH Plc and Multi Invectec Solutions (“Multi Invectec”) executed a Share Purchase Agreement (“SPA”) which saw ZCCM-IH acquire 100% shareholding in Mushe Milling Limited. Mushe Milling Limited (MML) earned a total of ZMW 107.46 million in revenue for the year ended 31st December 2020 (31 December 2019: ZMW36.69 million). MMCL recorded a net loss of ZMW36.58 million (31 December 2019: ZMW12.63 million loss).  
Investee Company News, ZCCM-IH News

ZCCM-IH to acquire Mushe Milling

TRYNESS TEMBO, Lusaka
AS PART of ZCCM-Investments Holdings (ZCCM-IH)’s strategic intent to participate in agriculture and agro-processing, plans are underway to acquire Mushe Milling Limited.
The investment holding company has begun discussions regarding the potential acquisition of the firm.

This is according to the directors’ interim unaudited financial results for ZCCM-IH and its subsidiaries for the six months period ended September 30, 2018.

“The opportunity to acquire Mushe Milling Limited has been assessed and discussions have reached an advanced stage with the terms and conditions of the transaction close to finalisation,” reads the financial result.

During the period under review, ZCCM-IH also expressed interest to invest in Leopards Square, a mixed commercial property with a unique tenant mix.

This transaction is almost finalised, upon completion of a subscription agreement and a shareholders agreement.

Source: Daily Mail