Finance Minister Dr. Bwalya Ng’andu has implored the Industrial Development Corporation (IDC) to continue to seek innovative ways in which to leverage the domestic capital markets to anchor the transformation interventions of public enterprises under its supervision.
The Finance Minister said this in Lusaka on Wednesday during the listing of Zambia Forestry and Forest Industries Corporation (ZAFFICO) on Lusaka Securities Exchange (LuSE).
Dr. Ng’andu also said the Government will continue to provide a conducive business environment.
Dr. Ng’andu categorically stated that the listing of ZAFFICO represents a key statement of intent by the Government through the IDC, of the expectations regarding the transformation of public enterprises into better capitalised, more competitive and well governed business undertakings.
“The listing of ZAFFICO signifies Government’s focus on making State Owned Enterprises effective conduits of economic growth through the diversification of the shareholder base by allowing wider public participation, greater transparency and enhanced accountability,” he said.
“I am indeed elated at this development of the listing of ZAFFICO as it has contributed to the supply of stock to the Lusaka Securities Exchange (LuSE) and presents an opportunity for domestic retail and institutional investors to diversify their portfolios. I recognise the importance of LuSE in driving domestic mobilisation of savings which complement Government efforts in channelling resources to productive sectors of the economy.”
He added that he was equally pleased, that the listing of ZAFFICO has enabled the Corporation to mobilise significant financial resources that are earmarked for value addition as well as the acceleration of a nationwide plantation programme which will support the creation of employment opportunities for over 20,000 Zambians over the next five years.
“This will support rural development and stimulate ancillary economic activities. Furthermore, the acceleration of a nationwide plantation programme will play an important part in mitigating the effects of climate change and thereby complement other interventions.
Distinguished Guests, Ladies and Gentlemen,
Let me congratulate the Industrial Development Corporation (IDC) for this important milestone in its transformation agenda of State Owned Enterprises. From a contentious idea when it was mooted in 2014, the IDC under the Chairmanship of His Excellency the President, has continued to grow from strength to strength to become the embodiment of the Government’s economic transformation agenda,” he said.
Dr. Ng’andu stated that this is an achievement for Government as a whole and an achievement for Zambians.
Excellent development. And yet again more evidence of the positive economic climate pertaining in Zambia. The only people crying are those in opposition. Why is that?even your hh continues to make profits under the rule of pf. Is that not evidence enough of a working government? Kz
There is money in Mukula!!
Zaffico should reward mukula cartel good shares.
Well done, people. It’s good that PF policy seeks to retain the country’s assets for the Zambian people. Let’s roll, Zambia…
Unfortunately the Mukula thugs Jean “Madam Mukula” Kapata and richest Councillor in Africa Tasila the thief Princess have ransacked this company off its prized mukula trees before some of them reached maturity.
Listing a company is one thing, even ZCCM IH is listed on there yet recording losses of $100million if these companies had people appointed on merit not cadres at least you would see tangible results I mean Eric Silwamba as its chairman. This is a company since it announced the separation and retirement of Dr Pius C Kasolo last February 2019, they have not replaced him. So long we have an incompetent govt in power nothing tangible will come out.
This is good. As long as it is not listed on Panama.
Listing will bring in institutional investors and help professionalism of private sector. It will as well bring accountability to export of trees and ensure forex comes through rightful channel
This government has a very simplistic approach to serious economic issues. And to people like Kaizar who has kept on misleading his boss hence the economic mess we are in as can be seen by all economic indicators, all is okay with them, the listing of Zaffico shares is Christmas(too simplistic). People near a leader must be brainy, analytical, sharp, focused, result oriented with a good aptitude with very good listening skills. How can somebody just praise listing of shares?
Reporting yapa Zambia, kwati kubuta. How many shares, what is the issued share value?
Great development.
So other than Lu-Stocks-Exchange we now also have Lusaka-Securities-Exchange where they are listing floats aba ba PF??