The Securities and Exchange Commission (SEC) has approved the registration of Zambia Forestry and Forest Industries Corporation (ZAFFICO) shares.
The Initial Public Offer (IPO), opened on 11th December 2019 will involve offering ordinary shares in ZAFFICO to Zambian individuals and institutions.
The IPO is scheduled close on 21 January 2020.
Similarly, following the close of the IPO and subject to meeting the minimum listing requirements, the Lusaka Securities Exchange Plc (LuSE or Exchange) has approved the listing of those ordinary shares on the Exchange.
The IPO and subsequent listing of ZAFFICO on the LuSE will accord Zambian individuals and institutions an opportunity to participate in the potential growth and strategic direction of the company which is involved in the establishment, management and sale of exotic wood species.
Announcing the development, Mrs. Anne Doma Gray-Kunda, the ZAFFICO Board Chairperson said through the offer of shares to the public in the company, ZAFFICO has taken the first and important step toward increasing public ownership of the company while at the same time raising capital to provide the company support for its forest plantation expansion programme.
“It gives me great pleasure to confirm that the IPO and official listing of ZAFFICO shares on the exchange was approved by the SEC and LuSE, respectively. The IPO opened on 11 December 2019 and will close on 21 January 2020. This is also a positive step toward further building the equity capital market in Zambia. The offer of shares is restricted to Zambian individuals and institutions only,” she said.
“We appreciate the support we continue to receive from the Government of the Republic of Zambia, regulators, and our stakeholders. I would like to particularly thank the staff and management of ZAFFICO who have worked tirelessly to make this day possible. We are delighted to extend this opportunity to members of the public to own shares in this Zambian-owned institution,” she added.
Market scrutiny and discipline will now apply. Let’s see if the market has appetite for Zaffico shares. It’s an interesting case.
Company has being soiled by Mukula trafficking cartels. Zaffico listing sounds like listing Jerabo.
Only the Mukula PF Cartel and its Chink partners who are now have citizenship will scoop the shares.
Ba Lusaka times, your silence on fuel price increase and impending electricity increase is so silently loud, this is not how you guys sound the ifintu ni lung and balya Bambi balimuchibe bola naikosa drums, put you JK on loud for people to hear these increments. Lolo lolo.
Is this a joke? How many ordinary citizens in Zambia have the financial muscle to buy huge shares in this institution and thereby have a significant say in it’s affairs?
Is’nt this only a move to make the rich richer and the poor even poorer? As someone has already observed, what will stop the prime suspects in the alleged cartel to regroup themselves behind “clean” pseudo identities and continue their criminal activities?
Great news! I encourage every Zambian to set aside some money for this amazing IPO. Complaining is a waste of time and energy, while foreigners will be buying shares. Move from spectator to an active participant in your own economy and help Zambia increase her GDP. Complaining is for loosers, winners act by sowing a seed.
So ZAFFICO is being sold? What was the farce about when HH said they are about to sell ZAFFICO?
But mu diaspora mwaliba ifi nanga-public listing of a parastatal means selling it?? Are all shares being offloaded to Chinese?? That’s why Bowman amyebela ati mwikala mulepipafye utukote tuba sungu…