Copperbelt Energy Corporation PLC (CEC) has become the first company listed on the Lusaka Securities Exchange (LuSE) to surpass USD 1 billion in market capitalisation, reaching ZMW 27.1 billion as of 24 May 2024.
CEC is now the most valuable among the 22 companies listed on LuSE.
The company, which supplies power to mining operations in Zambia and the Democratic Republic of Congo (DRC), has continued to grow despite ongoing regional power supply challenges.
During 2023, Zambia experienced a severe drought that resulted in a loss of over 70% of national hydropower capacity.
CEC responded by importing electricity to ensure mining activities in both Zambia and the DRC could continue as planned.
To reduce future reliance on hydropower, the company launched a USD 200 million Green Bond aimed at financing renewable energy projects under its subsidiary, CEC Renewables Limited. CEC is targeting the installation of 230 MW of solar capacity by 2026.
CEC Managing Director Owen Silavwe said the company considers this market milestone an indication of strong investor trust in CEC’s operations, brand, and growth strategy.
He also noted that this achievement increases the company’s responsibility to keep pursuing opportunities that align with its long-term strategy and deliver value to shareholders and the Zambian economy.
Looking at 2025 and beyond, he explained, in the company’s last Annual Report, that as the mining sector in Zambia is experiencing a positive turnaround, coupled with the continued growth in the DRC and the SADC region at large, CEC is committed to enhancing its mandate as a reliable energy partner to drive and support customer business turnaround and growth strategies in these markets.
For his part, LuSE Chief Executive Officer Nicholas Kabaso described CEC’s achievement as an example of strong leadership and consistent commitment to governance and transparency.
He also said that such milestones set a standard for other listed firms and reinforce the role of capital markets in supporting Zambia’s long-term development.
