Announcements

October 27th, 2006

CEC Zambia transaction Complete

Lusaka, 27th October 2006

Aldwych International Ltd announced today the acquisition of a minority stake in the Copperbelt Energy Corporation (CEC) of Zambia through its shareholding in the Zambian Energy Corporation (Zam-En).  Zam-En has acquired 77% of the shares in CEC from Duke Energy of the USA and National Grid of the UK.  CEC transmits power to the mines in the Zambian Copperbelt and also owns and operates a high voltage interconnector with the Democratic Republic of Congo. Other shareholders in Zam-En are Batoka Energy Holdings Limited (a Zambian consortium), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV (FMO, the Dutch development finance institution) and the Development Bank of Southern Africa Limited (DBSA).   Zam-En intends to float up to 20% of the shares it has acquired in CEC on the Lusaka Stock Exchange and to make a further 5% available to the employees of the company.  Helen Tarnoy, Commercial Director of Aldwych, said “Aldwych is delighted to participate in this ground-breaking transaction whereby ownership of this strategic asset passes over time into the hands of its experienced Zambian management and the wider Zambian public.  For Aldwych, CEC also provides a foothold in the SADC region, where we expect to see considerable growth in the demand for power over the coming years”.