Government has officially launched the sale of 17 percent of its shares in Zambia Consolidated Copper Mines Investment Holding -ZCCM IH- to the public.
Finance Minister Alexander Chikwanda says the move is a significant step in the evolution of the PF government’s development agenda which is anchored on creating higher levels of wealth for citizens.
Mr. Chikwanda says the off loading of government shares in ZCCM IH is in conformity with the Security and Exchange Commission’s requirement for companies listed on the Lusaka Stock Exchange -LuSE- to publicly float 25 percent of the shares.
Speaking during the launch in Lusaka last evening, Mr. Chikwanda further reveals that the sell of government shares will also raise resources for the treasury as was provided for in the 2015 budget.
And ZCCM IH Chief Executive Officer Pius Kasolo says the company has continued growing its portfolio beyond mining and is now venturing into energy, agriculture and real estate.
Dr. Kasolo says ZCCM’s vision is to effectively manage and grow investments as part of ensuring that shareholders get a return for the money.
He has also appealed to Zambians to buy shares in ZCCM-IH because despite metal prices being low currently the prospects are high as Zambia continues discovering new mineral rich areas.
And speaking during a panel discussion Lusaka Stock Exchange Chief Executive Officer Brian Tembo noted that the offloading of more shares in ZCCM-IH to the public will further improve the liquidity ratio on the stock market.