Lusaka Province Minister , Bowman Lusambo with his acting Lusaka Province Permanent Secretary, Edith Muwana during a press briefing at his office
Lusaka Province Minister , Bowman Lusambo with his acting Lusaka Province Permanent Secretary, Edith Muwana during a press briefing at his office

Lusaka Province Minister Bowman Lusambo says he too is ready to resign from his position if UPND leader Hakainde Hichilema proves his allegations that Government has sold ZAFFICO and ZNBC.

Mr Lusambo is the third minister to vow to resign their position if Mr Hichilema proves his allegations.

Other are Information Minister Dora Siliya and Eastern Province Minister, Makebi Zulu.

Mr Lusambo has urged opposition leaders to be truthful to the people they lead.

Speaking at when he addressed journalists in Lusaka today, Mr Lusambo said politics are about giving hope to the people not lies that may cause anarchy in the Country.

Mr Lusambo said the PF government wants to see development and that it will not allow opposition UPND leader Hakainde Hichilema to distract it from its development agenda.

ZNBC

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94 COMMENTS

  1. It seems our ministers do not know what Listing a company means. Listing a company is the process of selling ownership of a part of your company to strangers. Whoever buys the largest shares in ZAFFICO will have a larger say over the running of ZAFFICO.If CHINA buys 80% shares then CHINA will decide what happens. OUR trees are part of our natural resources ,just like our copper-look who is getting rich from our copper now– the people with the largest shares.Go figure!

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    • Are our ministers that dull?

      Are foreigners allowed to own shares in ZAFFICO? If so, then yes, a Chinese is able to buy as many shares as they want. It is very possible (and most likely) that the Chinese will end up being the majority shareholders.

      And it appears this PF government will use this same method to sell of other national assets.

      Lungu l1tole sana, [email protected]

      Stup1d idi0t!

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    • You are also telling lies here its not always the a company sells 100% share on a stock exchange, how do you retain control. In fact its very rare that companies offer more than 50% on a stock exchange. The controlling share is always held by the original owners. In this case GRZ. So China cannot buy 80% and still disguise it as a Zambian ownership. GRZ will never let this happen without public and express approval from Parliament. Please do not lie ZAFFICO and ZNBC are still 100% GRZ owned. No act of parliament exists otherwise. Further a privatization mandate from Parliament must be in place before this is even offered.

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    • I think parliament should approve Listing of parastatals but looking at the calibre of our MPS and the archaic laws they are bound by -t o always support their party instead of constituents this may be moot. The level of education of Parliamentarians and the awareness of the public ,of transactions happening on their behalf is dismal. That is why our grandkids will wake up one day and find out they were sold as slaves by this generation of Zambians.

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    • Who is TopStar to ZNBC?
      RB said same on LapGreen sale of ZAMTEL, he challenged to prove that Quadaffi bought it.

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    • Really laughable Govt only owns 40% in State Broadcaster and have no control in the finance management of the business its Chinks signing cheques and ZAFFICO its only a matter of shares being bought by a Chink backed entity …who in their right mind would offers shares of a forestry on the stock-market.

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    • You are missing the point.Mr Hichilema did not say Zaffico will be sold to the Chinese,
      He said that Zaffico HAS BEEN SOLD TO THE CHINESE meaning the deal was concluded and them Chinese have taken charge.
      Mulebelengesha utuntu!!!

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    • Mr majaraji. Shares are not sold to countries.

      If a chinese who is Zambian apply let him buy.

      Jing Ping is opposition leader in Garbon.

      Dont hate people based on tribe or race.

      If thse chinese are Zambian s let them buy shares.

      Companies like bata . Zambia sugar. Larfage have floated shares. Would you stop them on account of Chinese presences in Zambia

      And zafficco is not even lucrative company

      Am a non partisan political consultant

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    • Ufubi mwatubepa ubwingi, why haven’t you resigned already? And I’m it could true you have sold SAFIKO. The truth will come out

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    • @Maharaji
      So is there anything wrong to list a company or ZAFFICO for that matter listing it on Stock Exchange? In any case, when a company is listed, do you know who will buy shares? This HH is just a crook that is fanning anarchy in the country. He knows, he has lost his grip even in UPND so the last thing left is to bring chaos, but he will not succeed.

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    • Ignorance is bliss. If 60% of ZNBC Shares are bought by the Chinese Shareholders then the Parastatal has been sold by Govt to the Chinese. If ZAFFICO shares are floated on LUSE and 51% of the shares are bought by Chinese Buyers then the Parastatal which was previously owned by GOZ 100% has been sold to the Chinese. Thats how it works.

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    • That is not true sir. Stop misleading people. The Zambian government can limit the number of shares to be sold to the public and other interested parties. The bigger goal is to raise operating capital. One advantage is that ZAFFICO Management becomes more accountable to shareholders who purchase the right to question operations/decisions of management. Listing a company on the Stock Market is not selling it baba…

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    • I think HAZALUZA HAGAIN. No matter what happens. He is a tribal and regional leader and an UNDER FIVE. He is UNELECTABLE. Don’t worry about him.

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    • Ba KKC,
      Tell us who the major shareholders are for Topstar, the co that runs ZNBC! Why was the govt not able to limit the shares as you claim. Don’t be theoretical, these things are happening!

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    • HH will die soon. So will Lungu.

      ZAFFICO will remain.

      And the Chinese will be majority share holders for the next 100 years, or at least until all valuable trees, Rhonos and Elephants are depleted.

      Suck on that for a while.

      Ubututu tefintu.

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    • Until his daughter and sons are shot down for trespassing and not reading warning signs in Mandarin by Chink guards guarding these forests will it sink in!!

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    • Gay Jay get off the blog you little pathetic F00L

      You should be gunned down for trespassing in white man’s land where you don’t belong mothr fcuker ape

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    • It is UNELECTABLE. Gay Jay is a leader of a TRIBALISM online group of UPND of HAKAINDE TONGA H-organisation.

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  2. Do us favour, you resign if you don’t expose and arrest those responsible for the demolitions in Foxdale. That will make a lot of sense, not Kadansa’s hallucinations

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  3. Uuko! Now you have a getaway to state by proofing yourself that you are not a dreamer. Ba Sata told Rev Shikapwasha that every time Levy’s cabinet discussed any thing, he new before the ink dried. He put Levy and his team to task with true information. Not ukusabaila. By the way that lethere you wrote to Trump taasuka? Ati inama ya baice tainona. Proceed PF, but nemwe taleni kwateniko u mwenso. Chalo cabene ici mwisamwa sana!!!! Anyway you are good to go………..!!

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  4. Ba mwana mayo ensheniko ifintu bwino panono. We don’t want you to cry like Alabi did. The man was luck because it was his mbuya who took over. Of course not now may be 2065.

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  5. Please this fake sale outcry is embarrassing, please educate yourselves. The main reason companies list is to raise money & spread the risk of ownership among a large group of shareholders.”
    Advantages
    * Raise additional funds through issuance of more stock
    * offer securities in the acquisition of other companies
    * Stock options programs can be offered to potential employees, making the company attractive to top talent
    * Additional leverage when obtaining loans from Banks
    * Market exposure – Attracts attention of mutual & hedge funds, institutional traders
    * Indirect advertising – filing & registration complimentary advertising. Company is associated with the exchange stock is traded on
    * Brand equity – Afford company increased credibility with the public.

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    • Ba Ndeloleshyafye naimwe tiyeni uko nefisungu fyenu.. alaa.In an economy were all systems are up and running well and there is accountability and transparency yes its okay for the government to make such decisions of listing firms on the stock market because the citizens know and trust that the process will be followed through diligently and the objectives will be achieved.
      The ZAFFICO issue is very sensitive issue and highly suspicious knowing the caliber of leaders we have in power.There is something fishy going on here and all those things you are talking about wont even apply.People are not as dull as you think. Please open your eyes to reality.

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    • What additional stock are you talking about bwana Ndoleshafye. The company is just looking for additional capital injection which will potential come from Bank of China through a pre-arranged share-buy-in of the Chinese……Lol

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  6. Please don’t just make comments that have no basis of common sense. Listing does not mean selling out to China. People’s ignorance and low education is being exploited by politicians to provoke an emotional response. Be objective and demand facts.

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    • If the majority shares are bought by foreigners be they Chinese or any other, who then are the owners of the company? I admit ignorance and lack of education, please educate me, I will appreciate.

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    • Listing a company on the stock exchange and selling a company are just one and the same thing only that the processes are different. Its like drinking a bottle of water by putting it directly to your mouth or you can drink the same water by pouring it in small quantities in a small cup.

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  7. Why did you not offer to resign on the 1million dollar fire tenders? Who do you think believes this nonsense? You clowns have no morals to resign. Just eat the proceeds of corruption, hope you don’t choke. You are just lucky you have a country who care so much for self they dont see the big picture. Greed has soiled them so much, they are blind to everything wrong in our country.

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  8. I will also resign fro the UPND if he does not prove his claims that those companies he mentioned where really sold, because then i will know that we have a liar for a leader! GIVE US IWEEE!!!

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    • But can someone explain why Zaffico has been put on the LUSE because it is about or one of the best parastatals we have?

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  9. And Jack Mwiimbu shamelessly claimed in parliament that listing on the stock exchange is selling to Chinese if the buy all the floated shares; as if govt would allow floating shares to relinquish control! I’m so glad that UPND with such leaders stands no chance trust me!

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  10. If sales of parastatal institutions are subject to approval by parliament by law, why shouldn’t party leaders like HH with so many representatives in the house legally institute legal proceedings against the ruling party for not doing things the legal way, if indeed these companies are truly sold? What representation are we getting from these men and women then? Why should it be a rumour and left to the public to figure out the real truth?

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    • The Question is why don’t we get reported parliament debates other than off the cuff reporting by media? Post used to do a commendable job.. like it or Not! The rest, go figure.. if they are not printing in Chinese, then they are reporting irrelevants and you wonder why they are loss making!

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    • @ Spy mashra
      I like your reasoning, if only most us could use our brains to debate instead of emotions, we can be discusing real issues and NOT petty, unfounded allegations. I like your objectivity, and thats what we call maturity and leadership, keep it. Let the true build us and NOT lies, ba HH twapapata.

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  11. When did Lusambo develop compassion or love for Zambian people other than his own interest? Was this not the man demanding that zambia creates a China town? Does Lusaka province extend to copperbelt?
    How about you start by pushing police to realise information on the death of our dear student that happened in LUSAKA.
    Then show us the plan you have to create Jobs for local youths before singing for a China town! You don’t need HH to provide anything for anyone to resign!!

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  12. PF, you have made HH such a big fish….why do you always make stories about him instead of pay attention to the people.

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    • HH is a small little fish! He is an UNDER FIVE and CHILDISH! Who said PF have made him a big fish? He is so small that a fish is even bigger. Like a mosquito maybe.

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  13. Ba Ndoleshafye tamwishibe efyo mulelanda. You have no background information on this issue. Do you know the share portfolio that is envisaged to be listed? Wait and see…infact what has transpired so far has in a way forestalled what was planned to take place at Zaffico.

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  14. Assuming they are selling shares. Shareholders by their very definition are the owners of a company. When you buy a SHARE you SHARE in the ownership and benefits of that company by that very percentage share you own. Is that so difficult to understand. What we need to know is were shares of ZAFFICO sold and if so, how many and to whom? Awe mwe. Ne fyabupuba kulatalikashanya. Elo iwe ka HH nobe ule tekanya fimo ifi fintu – ukepaisha abena Kopala!!! Mbwa we

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  15. @pluralist.

    Public companies, sell a portion of their shares to the public not All, usually less than 50% to be traded on a stock exchange. Government restricts a percentage to be sold to only Zambian individuals, about 20% and Pension Funds like NAPSA to empower people and local institutions. The rest is what is sold on the exchange to a large group of investors, first best price come first serve. Zambians Free to sell their shares after at a profit to anyone if they want.

    This happened with Zambia Sugar and ZCCM IH.

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    • So, who owns ZCCM? Lol.
      ZCCM was eventually sold to KCM, Mopani, Vendetta, etc. ZCCM IH has got holding shares in the new companies but it is not the owner. Kikiki.

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  16. YOUR IGNORANCE IS NOW SHOWING. YOU ARE NOW SAYING ‘IF’ 80% share is sold… is that the proof you have to offer that ZAFFICO is being sold? Then you are stupid and dull chaps. I have nothing else to add

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  17. @Kalok, Securiites and Exchange commission will not allow a company to be listed 100% because then someone not known can buy the company at once. That’s why any individual or group company buying more than 20% has to by Law be identified and made known to the authorities and other share holders by public notification in the major media outlets. Your comment is misleading and alarming.

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    • Do not be political and alarmist yourself. Where have I discussed numbers or law? I have defined a basic share. Ifya ma law ifyo fyenu tata. Do not conflate my definition with the matter at hand, nakana sana we munensu wee. For argument, even that less than 20% or whatever can just be published so people who can read read. Why is everything even a silly thing treated like a secret? Awe mwe.

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  18. @Jonny please be advised.

    LISTING ON THE LUSAKA STOCK EXCHANGE (LuSE)
    Herewith below are some of the basic requirements on how to list on the LuSE.
    However, please note that the procedure will depend on the type of listing i.e. whether it is a private placement or a public offering and also the method of offer.
    1. Steps
    (i) Applicant must disclose method of listing
    (ii) Applicant must meet the following criteria:
    – minimum subscribed capital of K250,000.00
    – minimum of 10 million shares in issue
    – 3 years profit listing
    – 25% of issued share in public hands
    – at least 300 shareholders
    (iii) Applicant must be a public company if the listing refers to shares. (This will
    require conversion from a private company to a Plc in accordance with the
    Zambian Companies Act)
    (iv)…

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  19. When they are seated before they are called to speak, you will not know what they will be talking about when they stand to speak. When they have stood to talk, you will not know what they are talking about. When they have sat down after talking, you will not know what they have just been talking about.

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  20. This fool challenged has no prove, Lets wait for 7 days.

    Someone was very clear claiming Chinese has bought ZAFFICO and ZNBC, now let him prove themself to the nation.

    Anything sold has prove.

    Ita now a veru dull person who can thing Chinese has shares in ZNBC. Chinese is in partnership went ZNBC on one small project called Starspot, a project with expertise in digital magration. If you dont know how projects works dont expose your ignorance plz.

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  21. So what you are suggesting that 100 of a public company like ZAFFICO can be listed is against the law. Just like ZCCM IH Govt would hold Golden share, majority shareholding on behalf of the people of Zambia. What is being suggested that the whole company can be sold is a falsehood, meant to hoodwink those that don’t know better

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  22. The attention being paid to HH if it were really directed to constructive issues, PF would have positively changed the mindset of many Zambians and lives of the sufferers. I wonder if HH has so much power and capacity to influence people to demonstrate, otherwise there have been so many utterances from the opposition leader and all PF does is say he is jealous and envious. Why are they paying so much attention to HH, let the President (Edgar Lungu) hold a press briefing and explain whats going on even if they are lies. Who really cares if Dora, Lusambo and the other one reisgn, ninshi nabekuta mwa!

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  23. The tragedy is how Zambians allow politicians and fake pastors to manipulate, exploits and abuse people. In KKs era we received free education up to university level. But the quality of comments and even the wider public outcry suggests that education levels after the 90’s have deteriorated. Best way to educate yourself is to just look online and study the issue before reacting. I admire Pluralist’s approach of asking for further information. I think this is very commendable.

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  24. PF SOLD ZAFFICO THE SAME WAY THEY ARE SAYING HH SOLD THE MINES. IF HE IS TO PROVE IT, LET THE PF PROVE FIRST HE SOLD THE MINES. HH IS HAVING THE SAME PROOF THAT PF AND IT’S CADRES ARE HAVING THAT HE SOLD THE MINES.

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  25. No Company can be listed without a majority prospective shareholder otherwise the listing is said to be undersubscribed and can risk downward pressure on the stock price of the target company. Zaffico will be listed, but I can most certainly guarantee you that a Chinese company will purchase a majority of these shares, with NAPSA holding 15% and ZCCM-HH 10%. See how this ends.

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  26. There no much attention on HH, he misinformed the nation. He has been given a chance the prove his information, if he fails the nation who grade him accordingly as a qualified lair.

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    • The info is in public domain. What govt is saying is that it has placed ZAFFICO shares on stock listing, without realising they are saying the same thing as HH. It is the issue of knowledge or lack of it.
      Stubbornness also kicks in like the Emperor in his suit! Kikiki

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  27. What goes around comes around, PF and statehouse are the master misinformers to the nation. How many times have they come out on public media misinforming the nation that HH sold the mine, but the general public have never been give any shred of evidence that he sold the mines. Why should the PF be rattled by what HH said without showing any proof, have they shown us any proof, by inciting the nation not to vote for HH without proof.

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  28. There is no rocket science here when you sell shares even 2% it means you have sold part of the company. Chinese have got 60% of ZNBC , which is more than half of the company . So they have controlling shares. They own 60% of ZNBC so the have sold 60% to the Chinese. So Mr. Lusambo please resign. I have proved to you . The clip of media houses was shown on ZNBC now that is proof..

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  29. Resign already. You stayed in offices illegally when you were supposed to be dissolved. Con court ordered you to reimburse the money you illegally paid yourselves and have defied the court order with impunity. You actually belong to prison for contempt of court.

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  30. THIS ALL FRACAS SOUNDS LIKE THE ENTIRE UPNDEAD CADRES AND LEADERSHIP ARE GOING IF NOT ALREADY GONE NUTS. I WILL ALSO RETIRE FROM BLOGGING UNDER MY BRAND NAME IF DOUBLE H SHOWS BEYOND ANY REASONABLE DOUBT THAT ZAFFICO HAS BEEN SOLD.
    ===========================
    Reading comments from these rejectamentas and analyzing their line of thought gives you an impression this bunch of losers are reaching dangerous delusional levels. You can’t think like these brainwashed weaklings. It propestorus. Pure Chainama cases.

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  31. TRUTH PAINS. I THOUGHT PF HAS GENIUS LEADERS WHO CAN SPEAK WELL AND ARTICULATE ISSUES IN A PROPER AND DECISIVE MANNER.
    AFTER ELECTIONS UP TO NOW PF IS NOT YET STABLE IN ITS OPERATIONS WHILE OTHER LEADERS BY NOW WOULD HAVE STABILIZED AND MOVE FORWARD. PF IS STILL SINGING DUNUNA REVERSE. WE WHO ARE INTELLIGENCE CAN NOT SING DUNUNA REVERSE BECAUSE GOING BEHIND IS NOT DEVELOPMENT. WE NEED TO GO FORWARD WITH TIME. TIME NEVER GO BACK ONLY FAILURES WILL BE LIKE THE WIFE TO LOT.

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  32. If the Zaffico company has been listed then HH is a lier or at least bent on telling lies. When a company is listed the idea is to raise capital for further development of the company. The problem we have in Zambia is the low level human development index. Even the so called educated HH chooses to mislead the general public by not telling the truth. His, is just state house, I hope he does not end up there. Companies everywhere including America do list on stock exchange and Chinese buy shares in those companies. If Zafficco lists on LuSE, they will simply inject in more money and develop the company and create more jobs, This small opposition leader called HH can also bring some money from his tax havens and buy shares. But because we have a small god with small head with many cows he…

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    • Listing a company means giving chance to other people to be co-owners of the company by buying shares (portions) of the company. So the owner of the company sells it in bits. Now in this case, at what stage is a company sold?

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  33. Sangwapo Lusambo, is this now a me too movement?
    You guys are too secretive in your handling of public affairs!
    With the Chinese all over our national assets, anything is possible! It’s not the trees the Chinese are after. It is the Copper under those plantations they are eying! Is it not true that PF has sold Showgrounds, ZNBC, ZESCO, NRDC, UNZA, INDENI, Chongwe Land to bury Chinaman? When did you consult Zambians before these deals? You have been exposed on ZAFFICO pants down!

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  34. What we need to understand is that the listing of ZAFFICO on lusaka stock exchange means that china can buy all shares.The only catch is that PF should not allow foreigners to buy shares in ZAFFICO period.Somehow HH is right that govt can sell ZAFIICO indirectly.I don’t support HH but we need to make sure foreigners don’t buy shares in ZAFFICO.

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  35. Why is Bowman Lusambo concerned about the ZAFICO issue. He is Lusaka province minster not copper belt minster. This is interference of powers or its a move by PF Minister to hoodwink the masses that HH is lying. What difference does it make Listing zafico and selling nothing. Because when you list shares of a company who ever buys the majority shares automatically becomes in control of all the operations.

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  36. Foreigners are here to enrich themselves at the expense of poor Zambians. Retirerees, civil servants, the kwacha are badly affected. Zambia is the only country selling big assets, the only country which employs foreigners to sensitive positions in the civil service and the only country worshiping foreigners. Look at Tanzanian president, very well respected and prioritises his people.

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  37. I really feel we trivialise issues. They are very important issues that can warrant people to resign than ZAFFICO matter. E.G if farmers don’t receive their inputs on time, as Min of Agric, I will resign on principle that I have failed the people. Ministers are public workers and so they must be accountable to people. Whether ZAFFICO is sold or listed or whatever should not occupy our minds so much. The rains are late!! What is the way forward? How can we avoid rain dependent farming? Why are we not debating/sharing how to mitigate against this? Please Ministers focus on important matters. I agree for once with Mushota, this issue should not give a provincial Ministers sleepless nights and pledge to resign over just what they perceive as an allegation. Let’s focus guys!

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  38. I really feel we trivialise issues. There are very important issues that can warrant people to resign than ZAFFICO matter. E.G “If farmers don’t receive their inputs on time, as Minister of Agric, I will resign on principle that I have failed the people”. Ministers are public workers and so they must be accountable to people. Whether ZAFFICO is sold or listed or whatever should not occupy our minds so much. The rains are late!! What is the way forward? How can we avoid rain dependent farming? Why are we not debating/sharing how to mitigate against this? Please Ministers focus on important matters. I agree for once with Mushota, this issue should not give a provincial Ministers sleepless nights and pledge to resign over just what they perceive as an allegation. Let’s focus guys as…

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  39. Eye of an Eagle – Right on the point. This is one of the intelligent statement I have read on this blog than chaps spending all their time insulting each other. Secondly there is nothing wrong in listing a company. My only worries are the motives behind this. If indeed the Chinese become the majority shareholders in ZAFICO like they have done with ZNBC then we in for it. The chances are that they may use ZAFICO to exploit and export our mukula trees to china. Remember the ZAFICO forests are in areas where there is a lot of Mukula trees such as Lufwanyama.

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  40. People are suspicious because recently a Chinese mining company bought ZAFFICO houses for $270,000 to sitting tenants for free. And the next thing we see ZAFFICO being listed on the stock market.This is another move causing suspicion that the Chinese will be the beneficially of this listing. We also so that when a barn was imposed on the export of Mukula trees ZAFFICO was the only company that was used to export mukula. If the chinese see this as quick way to access mukula trees through a listed company they will definitely go for it.

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  41. We also saw that when a barn was imposed on the export of Mukula trees ZAFFICO was the only company that was used to export mukula. If the Chinese see this as quick way to access mukula trees through a listed company they will definitely go for it.

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  42. The constitution of Zambia Article 210 (2) cleary stipulates that ,The major state assets shall be sold,transferred of otherwise disposed of,as prescribed,subject to approval by National assembly signified by a vote of at least two third of the members of parliament. Was this done? I never heard a debate. Can someone please educate me?

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  43. Why didn’t the ministers also say that they will resign if it is proved that those fire tenders can be purchased for less than half the amount that was paid for them.

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