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Saturday, June 6, 2020

President Edgar Lungu directs IDC to list all companies on the Lusaka stock exchange

Headlines President Edgar Lungu directs IDC to list all companies on the...

IDC Group Chief Executive Officer Mr Mateyo Kalubawith ZCCM-IH Chief Executive Officer Dr Pius Kasolo
IDC Group Chief Executive Officer Mr Mateyo Kalubawith ZCCM-IH Chief Executive Officer Dr Pius Kasolo

President Edgar Lungu has directed the Industrial Development Corporation (IDC) to ensure that all companies are listed on the Lusaka stock exchange.

IDC Chief Executive Officer Mateyo Kaluba says it is important that companies that are already listed on the stock exchange are operating efficiently and profitably.

Mr. Kaluba was speaking when the Zambia Consolidated Copper Mine Investment Holdings (ZCCM-IH) presented a dividend of over 81 million Kwacha to the IDC.

And ZCCM-IH Chief Executive Officer Pius Kasolo said his firm has paid 35 percent dividend to the IDC following the upward revision of dividends from 20 percent.

And Government says it will not hesitate to close down loss-making parastatals.

Minister of Finance Margaret Mwanakatwe has since called on state owned enterprises to improve their operations and pay dividends to government.

Speaking when she received a cheque of 43.6 million Kwacha from Zambia Consolidated Copper Mines Investment Holdings -ZCCM-IH to its major shareholders the Ministry of Finance and Nations Pensions Scheme Authority -NAPSA- , Mrs Mwanakatwe said the dividend will help government meet some of its financial obligations.

Earlier ZCCM-IH Chief Executive Officer Pius Kasolo said 20.3 million Kwacha has been paid to NAPSA representing 15 percent shareholding while 23.3 million Kwacha has been availed to the Ministry of finance.

Dr Kasolo said ZCCM-IH will continue paying dividends to government as a way of contributing to the growth of the economy.

And NAPSA board chairperson Marian Munyinda said the dividend will help the authority to grow its investment portfolio which now stands at 25 billion Kwacha.

IDC Group Chief Executive Officer Mr Mateyo Kalubawith ZCCM-IH Chief Executive Officer Dr Pius Kasolo
IDC Group Chief Executive Officer Mr Mateyo Kalubawith ZCCM-IH Chief Executive Officer Dr Pius Kasolo

[Read 395 times, 1 reads today]


      You made profit.
      You’re paying your shareholders.
      Investment beckons.
      Shining example.

    • How can ECL direct IDC to do anything when he is also a director on the same IDC board? What is he talking about here? Did he consult before saying this? Hardly any company in the IDC portfolio meets the minimum listing criteria of the Lusaka Stock Exchange. Let them try and they will see if there will be any takers of their shares from any well-managed investment houses. Which money manager will invest in shares of a company where the CEO can be fired for no good reason at all? Sometimes it can be as crazy as belonging to the wrong tribe.

    • Roll on so that the money can end up in Chakolwa Rungu and the pf cadres’s pockets.Too much thieving and corruption in this government of pfooooooooooooooools….lol

  1. Money from taxes is not enough .Get their savings and investment funds too.
    Eurobond effects are starting to be felt.

  2. Lungunomics makes no sense that’s why Moody’s is downgrading Zambia .Most of the IDC companies are insolvent failing entities anyway.

  3. Really laughable…who is going to invest in fleas; let this lazy thing invest his stolen loot himself
    Every week is a directive.

  4. some negativity is actually ignorance. when a company is listed on a stock exchange, scrutiny and oversight is enhanced so is corporate governance. Listing these companies will give them a true north as to what needs to happen for them to stay afloat and solvent.
    so next time you go about being negative and insinuating that the GRZ is now milking parastatals to fund its debts is both misguided and shallow.

    • NYSE and NASDAQ de-lists companies when they become nonperforming (So much for your enhanced oversight & corporate governance)

    • but has any zambian company been delisted so far? you can be negative even before the campanies list. this will deepen zambia`s financial base and give more confidence to YOU the naysayers. what you just mentioned is actually what enhanced oversight and corporate governance is all about. it keeps the company on its toes to be factual and ethical in its dealings.

    • Mzambia wa Zamani – You are so disappointing — just when Dildo teaches you about accountability when a company is listed, you expose your ignorance by enhancing what he says in your ignorant negativity.

    • Corporate Governance and profitability comes first before a Company can be allowed to list by the Securities and Exchange Commission. So the President cannot direct and command that Company so and so should get listed.

  5. IDC is a joke. Receiving only $8million from ZCCM-IH when IDC owns 35% shares in ZCCM-IH? And ZCCM-IH holds 100% shares in Ndola Lime; 100% Misenge Environmental & Technical Services; 50% Kariba Minerals; 35% Maamba Collieries; 20.6% KCM; 20% Kansanshi; 20% CEC;20% Lubambe Mine; 20% Luanshya Mine; 20% CNMC; 15% NFCA Mining ; 15% Chibuluma Mine; 10% Chambishi Metals; 10% Mopani; and 71% Investrust Bank and declares only $8 million dollars?

    Come to think of this: During the same financial year, Cristiano Ronaldo earned $93 million; Lionel Messi, earned $80 million; Neymar, Jr earned $37 million. If footballers Ronaldo and Messi made 10 times more than IDC, then IDC is just joke……..

    • Spectacles are advisable when small numbers cannot be seen. These will help us not to make wild comments for not reading numbers properly. The comparison is misplaced in the first place. Everyone knows that the Industry that emplys footballers is an exceptional one. Therefore comparing the footballer earnings to economic performance of a mining company and their renumerations is a complete misplaced comparison unless it is meant as a joke.

    • A dividend is a function of factors such as earnings, returned earnings etc. giving out a dividend is at the discretion of the board.

  6. The rats have failed to manage the kaloba they have been looting. Now they are desperate to use public listed companies to fund their greedy stomachs. They want to use these companies as means to siphon funds. Very sad affairs. We warned you to vote wisely. Also am happy that i have been proved right that the swine ndanje khakis has always been a pf cadre. I have reviewed his posts since i left and it is clear to see that the chameleon he is has been revealed.

    • you can not use a publicly listed company to siphon funds, because unlike parastatls, a publicly listed comapny is answerable to the shareholders and the exchange in general. every transaction has to be announced and reasons given. to those with a semblance of sense and common sense, they know listing parastatals is one of the best ways for them to be accountable, prudent and properly managed because of the shareholders that will now demand a profit and explanations as to why certain transactions occured. not everything needs to be political and shallow. at least educate yourself before you write.

    • Dildo – There is a group that just criticizes everything government does even before they think – and thinking is usually a problem for them. They do not realize that the President’s directive is a fight against corruption.

    • you are lost. In a normal society one cannot siphon funds via a public listed company. However, in this case we are not talkign about a normal society we are talking about one of the most corrupt governments in this world. Please wake up and smell the coffee.

    • abilima

      .”….. They do not realize that the President’s directive is a fight against corruption.”

      Hehehehe……why is lungu silent when he is called a corrupt theif ?
      He seems to only challenge those he percives as more corrupt than himself…

  7. Another DIRECTIVE? Oh no! Does this President think that he is the most intelligent person in the country? Does he even understand what he is talking about? Just today his Finance minister issued a statement to try and minimise the international damage caused by his outburst to the Turkish president about Eurobonds. Fackset!!!
    But then nafi h.h fima cockroaches fyeka fyeka, who will save Zambia my beloved country? Green Sinkamba mwaice, grow quickly akafulo kakekulolela mu 2021.

    • And I suppose those who support a pf and lungu GRZ have big brains ? a GRZ that even the IMF has refused to help ??

      Hehehehehe I say no more……..

    • @ D!ck Head

      Quantity and quality are two different issues. You are proving time and time again that
      notwithstanding your big d!ck head, quality of your reasoning is equivalent to the borrowing of Plunderers Federation, absolute crap

  8. Unheard of. This is total ignorance in the President. HH is laughing and deserved so. Listing what companies on the LUSE? Every company? What is the reason Mr. Lungu? Does Lungu know what it takes for a company to go public? Who dictates company to become public?

  9. President Edgar Lungu has directed the Industrial Development Corporation (IDC) to ensure that all companies are listed on the Lusaka stock exchange.

    To list a company is commercial and business decision.

  10. The King of Zamunda has spoken. The peasants must hear the king or they will taken to pity of misery.

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