9.5 C
Alba Iulia
Thursday, July 9, 2020

ZANACO no longer under threat of Government take-over

Economy ZANACO no longer under threat of Government take-over

ZANACO
ZANACO

ZANACO says the threat of Government taking the bank has diminished due to passage of time since the Commission of Inquiry into its partial privatisation was set up.

Late President Michael Sata in January 2012 set up a Commission of Inquiry to investigate the partial privatisation of ZANACO but the report into that inquiry has not been made public.

A note from ZANACO issued by the Lusaka Stock Exchange said whilst the possibility of new developments in the future cannot be completely discounted, it seems reasonable that under current market circumstances, the situation can no longer be deemed to be price sensitive, due to passage of time and absence of new information and developments.

“As at close of business on 23 August 2015, the GRZ held 360,937,524 shares, representing 25.00% shareholding in Zanaco, via the Minister of Finance. On 24 August 2015, GRZ transferred to the IDC all its 360,937,524 shares in Zanaco,” it said.

“In compliance with the Lusaka Stock Exchange (“LuSE”) Listing Requirements, shareholders are referred to the cautionary announcement dated 10 November 2015, and first issued on 26 January 2012, regarding the outcome of the Commission of Inquiry (“the Inquiry”) instituted by the Government of the Republic of Zambia (“GRZ”) into the partial privatization of ZANACO that took place in 2007. Shareholders and market investors will have duly noted that a period of four years has now elapsed since the cautionary in regard to the Inquiry was first issued on 26 January 2012.”

It said should the position change and new information come to light, the market and shareholders will be advised accordingly.

“Therefore, the cautionary first issued on 26 January 2012 is hereby withdrawn. Since investment in shares carries risk, shareholders, and the investing public should seek the advice of their broker or professional financial adviser before transacting or dealing in the Company’s securities.

[Read 109 times, 1 reads today]

4 COMMENTS

  1. Useless Commissions of Inquiry led by one Wynter Kabimba and backed by the so called independent POST or PAST Newspaper. Those where just cash shredding project that have gotten us to where we are today.

    And while you are silent on ZANACO, can you please return that cash shredding project called ZAMTEL to the people that know how to run a business. ZAMTEL should be contributing to the tax revenue than getting from the tax revenue as is the case now. Take it back to the professionals to run it and not these PF cadres currently sinking it in the ground

  2. rupiah banda at his best.
    this all issue has rupiah written all over it.
    next his fugitive son will be back backing the loudest..
    politics..

    • Your point being? Dont tell me that you still believe the rubbish that was written about RB and his sons by Membe? Imagine what the Zambian economy would be like now if PF had not taken over to squander money!

Comments are closed.

- Advertisement -
Loading...
- Advertisement -

Latest News

Over 4,200 tour Vic Falls over the Heroes and Unity holidays

About 4,268 visitors accessed the Victoria Falls during Heroes and Unity holidays, the highest number ever recorded. Livingstone Tourism Association...

Access Bank seeks to buy off Cavmont Capital

Access Bank Zambia Limited has announced that it has entered into exclusive discussions with Cavmont Capital Holdings Zambia Plc regarding a potential transaction between...

Zambian fintech startup receives $1-million investment

Lupiya, a Zambian based microfinance startup has received an investment of $1-million from Enygma Ventures, a US venture capital (VC) fund. Founded in 2015, Lupiya...

Health Minister’s Corruption Case fails to take of as PF cadres Jam the Court Room

Minister of Health Chitalu Chilufya has appeared before the Lusaka Magistrate Court but could not take a plea. This was after Chief Resident...

People Declaring “No Go Areas” Should be Arrested for Breaching Article 22 of the Constitution-CiSCA

CiSCA Statement on the Possible Breach of Article 22 of the Constitution The Civil Society Constitution Agenda (CiSCA) is greatly concerned with the non-arrest or...

More Articles In This Category

- Advertisement -
[Read 26 times, 1 reads today]