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Friday, August 7, 2020

Zambia intends to sale 17.3 percent of its shares in ZCCM-IH on the Lusaka Stock Exchange-Mutati

Economy Zambia intends to sale 17.3 percent of its shares in ZCCM-IH on...

Felix Mutati
Felix Mutati
Finance Minister Felix Mutati has disclosed that government intends to sale 17.3 percent of its shares in ZCCM-IH on the Lusaka Stock Exchange (LuSE).

Mr. Mutati has told Parliament in a Ministerial Statement that the proceeds from the sale of the shares will be prudently used for development of more assets such as financing of the Infrastructure Development Fund.

He says the proposed sale will still leave the government as a majority share holder of 60.3 percent of shares with NAPSA holding 15 percent shares.

Meanwhile, Mr Mutati says the government is yet to pay LAP Green of Libya the US$380 million as a result of the repossession of Zamtel.

He says at the time Zamtel was PRIVATIZED; government received a total of US$257 million for the asset, but will have to pay US$380 million after repossessing the company.

13 COMMENTS

  1. @Mutati – “government received a total of US$257 million for the asset, but will have to pay US$380 million after repossessing the company”.

    Why are we paying US$123 million more? Are we going to see detail and make up of this difference? Win us on your side with transparency please.

    • Late MCS did the country proud by repossessing the institution.. The challenge now is to scout for brains to make the institution work and profitable..
      @ NCSC.. I agree on the transparency path.. share the details so we can make informed decisions plz..

  2. Wouldn’t it be cheaper to hand them back Zamtel? It’s a loss making entity after all. We have done nothing to turn it around from the time it was repossessed. We are better off benefiting from taxing them than we trying to run the business.

  3. Not the time to sell at all. Copper prices are rising and set to continue to do so for a long time due to the coming of electric cars. Who advises these people. Anyway all they think about is their pockets not the country

    • You are very right. With the world switching to electric cars copper prices should be on the up and up due to demand in the not-too distant future.
      The shortsightedness of these people is alarming.

  4. At some point these disadvantageous decisions are just corruption. Which government has benefited from copper prices? How can they sell ZCCM-IH, which should be providing a positive cashflow, while first plunging the government into interest baring debt with the Eurobonds?

  5. Ubututu bweka bweka.. you will sell state assets to spend on so called infrastructure projects that will be awarded to family and friends and after your five years you will leave us worse off than you found us. Mr minister you do not seem to understand what money is… it’s not the paper the notes are printed on, it’s the assets and the resources that back up the paper. Our national debt is at $10 billion we sold our mines to foreign entities who us transfer pricing and declare zero taxable profits, so we can’t say we will repay that debt from our resources, we don’t have any national investments at all.. so who is going to repay this careless spending? Increase tax and impoverish the next generation? Our children will be paying for your reckless greed!!??

  6. We complain that mines are cheating, not paying correct taxes ,so zccm ih which is government is not contributing as it should either where is the money going then. Sorry state of affairs chasing money andcwe can’t even pay our public servants on time…you never progress when you rob peter to pay paul.
    Spending borrowing assuming IMF $1,6 Billion would come now scrambling to find money

  7. Next to be sold will be Zambia police to G4S , Government schools to American International School and central hospitals to St Johns Hospital

  8. Let zamtel pay off the debt since that lazy ex-ceo whose wife is a minister via a borrowed court appeal reaped it blind…just like they owe ceec

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