Chanda said the bus was road worthy and started off around 04:30 hours from Ndola with the scheduled arrival time in Lusaka set for 08:50 hours.
Chanda said his company will stand with the bereaved families during this mourning period of their relatives as well as the injured people to lessen their burden.
He said the loss of so many lives at one time is highly unfortunate and regrettable.
Transport minister Christopher Yaluma has said the accident is a tragedy.
Council of Churches of Zambia secretary general Rev Suzanne Matale has expressed sympathy for families that have lost their relatives and those that have been admitted to hospital nursing various injuries.
Rev Matale has since advised motorists to exercise caution on the road to avoid fatalities.
Meanwhile, President Sata sent a message of condolences to families of the 54 people that have died in the road accident on Great North Road.
President said he is sad that more lives have been lost and regretted that the country has continued to lose valuable citizens through road accidents.
He has since directed the Zambia Police Service and Road Transport and Safety Agency (RATSA) to step up their work and avoid the accidents on the roads.
He has also wished those injured in the accident a quick recovery.
Chief government spokesperson Kennedy Sakeni has also said government has received the news of the accident with shock and horror. He said the accident is a national tragedy of immense grief and sorrow.