Government has said that it has scheduled to float the Zambia Forestry and Forest Industries Corporation (ZAFFICO ) shares on the Lusaka Stock Exchange (LuSE) for the end of 2019.
Minister of Finance Margaret Mwanakatwe said that once once all regulatory approvals are secured by the Industrial Development Corporation (IDC), ZAFFICO shares will be floated on the public exchange.
Ms Mwanakatwe told Parliament during Thursday’s Questions for Oral Answer that government will retain a minimum of 60 percent shares while a maximum of 40 percent shares will be floated to the Zambian public.
Mrs. Mwanakatwe noted that from the 60 percent shares government will possess, 5 percent will be floated to employees of ZAFFICO.
Meanwhile, Mrs Mwanakatwe has said that government needs about $50 million to rehabilitate the Nitrogen Chemicals of Zambia (NCZ) in Kafue.
Mrs. Mwanakatwe told parliament during questions for oral answer that government has however not yet found a financier for the rehabilitation of the NCZ.
Mrs. Mwanakatwe said government will start the rehabilitation process for the NCZ plant once a financier is found.
She has acknowledged that the NCZ plant is currently in an ICU status but that government is doing all it can to remove it from this status, adding that t government has no plans to build a new plant
Madam, my sources at ZRA tell me that you are protecting Muna and HH’s transfer pricing audit at Africa Life and Sanlam Life? Are you not interested to nip the evil of taking out of Zambia billions by these two thugs through these two companies? Where does your loyalty lie Madam, with Zambians or your friends and your pockets?
Sanlam Life Insurance has externalised K700 Millions to its holding company in RSA through transfer pricing mechanism of reinsurance. What is ZRA doing about it?
Kawalala Madam uyu! she has been told what to say….lol
NCZ needs more than $50 million that would not even cover debt ….
Let’s roll …
Salute Mrs. Mwanakatwe for this bold move of empowering Zambians. In next tranche the goal shall be to reduce government holdings below 20% and let Zambians own every major company in Zambia with no single shareholder holding more than 5% of any outfit. It shall apply to mining, banking and energy sector companies also.
chakolwa madamu uyu!
Ubututu, which Zambians are you empowering when Zaffico is already Zambian and owned by government? The only Zambians who will be empowered by this are those with big pockets and you know that most are the thieving lot.
Another gullible blogger …really laughable
The 40% goes to china….
Then later on when Zambians as sleeping, they will float 30% of the 60% ,and those with 40% will become the majority shareholder, just like what happened to big,strong and reliable.
But PF refuted that they are not selling ZAFFICO when people protested? And someone was almost arrested for inciting and yet less than a year you say you are selling part of it. Who will take you serious or trust this government?
HH was almost arrested for revealing this. Now??????
Where are the PF rats who were calling HH bitter for revealing this ???
They had already collected money from the Chinese….the Chinese had bought Zambian forests.
This is a bad suggestion which Zambians should reject and flush down the toilet.
Mr Speaker sir, is government in order to sell ZAFFICO when they arrested HH for saying ZAFFICO has been sold?
Many Businesses in Zambia have failed to grow and realise their full potential because they are Family or State-owned. In-breeding is bereft of ideas, skills, and capital. Floating shares solves this problem by bringing on more skills, ideas, and access to capital markets.
ZAMBEEF and CEC have become conglomerates this way and ZAFFICO will get really huge too since it will attract the skills and capital to plant the vast tracts of land.
We canot run a Forestry company 54 yrs of independence? NCZ was capitalised by KK just before FTJ took over, then equipment was uprooted and sold..The LPM’s new deal came, pumped money in it and NCZ was alive again for a while. RB then Donchi kubeba, DR came and now it is a scrap…I can’t understand. Maybe NCZ must be privatised but not after pumping money in it but AS-IS..
Is Zaffico profit making? If it is, why float it? As a shareholder I would want dividends of upwards of of 12% otherwise stick to treasury bills.
As long as it’s open to only indigenous ZAMBIANS, you can sell our forests, and forest industry.
Are we meant to have a forest industry? Thought we should just protect our natural land with forests for environmental protection?