The recently held share offer by ZCCM-IH has recorded disappointing results with only a total of 805 applications received.
This represents a total of 226,064 shares out of the 27,961,237 shares, representing a shareholding of 17.4%, by the Government of the Republic of Zambia (“GRZ”) that were available to Zambian Citizens.
This is according to summarised results of the share offer released by the Lusaka Stock Exchange.
Commenting on the results of the Offer, the ZCCM-IH Chief Executive Officer Pius Kasolo said ‘the results of the Preferential Offer to Zambian citizens signify the challenges facing the global copper mining industry, and particularly ZCCM-IH’s significant portfolio concentration in the industry.
Dr Kasolo said despite the interim concerns, primarily driven by slower than historical Chinese demand for commodities, ZCCM-IH is confident that the long-term prospects of the Company remain overwhelmingly strong.
He added that the present difficulties offer a chance to learn, adapt, diversify, and realize benefits from opportunities that would not otherwise be possible under ‘normal’ market conditions.
‘The Board and Management of ZCCM-IH would like to thank the investors who took a stake in this iconic Company. We remain committed to enhancing long-term shareholder value by continually seeking viable and sensible investment opportunities, whilst prudently navigating through challenging times.”
He said ZCCM-IH will engage the Government on the need to continually approach both Zambian and foreign investors so as to maximize their participation in the mining sector.
Dr Kasolo said no applications were received from General Applicants, therefore, no shares shall be allotted to this category of applicants.
The economy is going through a recession. It’s not s good time to issue shares.
There are only 2 types of Zambians:
1. The poor = Don’t know anything about shares
2. The Educated= but poor, and they know its styuupid to buy shares under PF’s economy
Who bought then? MPs and foreign mission employees.
I can’t acquire any sense from this article.
Why did Pius become DR. he was more smart when he used to call himself just Kasolo.
Who in his/her right mind, would dare offer his money up for thieves & dunderheads to play about with??????
Pius Kasolo we are not f**ls to be buying shares in ZCCM…..I do not know whether this article is poorly written or Pius Kasolo is contradicting himself!!
Surely, some Zambian Journalists including the Editors of LT need to go back to school. It is so disappointing that any journalist would write the stupid statement below – what a shame! Whoever wrote the statement which reads as:
“This represents a total of 226,064 shares out of the 27,961,237 shares, representing a shareholding of 17.4%, by the Government of the Republic of Zambia (“GRZ”) that were available to Zambian Citizens.”
is worst journalist in the world and needs retraining – a confusion of numbers and percentages – what a mess!!
One wonders whether beer drinking and nursing hangovers are now a mandatory modules at Evelyn Hon College.. .
Who in his right mind would put his money in a government controlled entity. You would have to be a Chainama case!!
Why don’t they offer us shares in Kagem Minerals and Nanga Farms Limited…not loss making fleas in the this IDC portfolio?
Zambians are not asleep I see. Then again, a lot do not know about share acquisition. Zambia is really funny.
Why would anyone invest in shares in a company that seems to be completely disinterested in collecting dividends from the companies it holds shares in?
Also, this share offer apparently made ZCCM-IH crash from $3,00 to $1,35. Well done PF. These individuals are selling out and liquidating everything. Not only they, but future governments have to be stopped from enacting this economic/financial war on the economy.
Well, there go Zambians for you! Wait until some China man comes in and scoops the lot at these silly low share prices, then the whole country will be up in arms for selling to foreigners!!
Although, it is heartening to see that no sane Zambian wants to bail out industries that shunned them in the first place!
” This represents a total of 226,064 shares out of the 27,961,237 shares, representing a shareholding of 17.4%, ”
Actually that would be they issued 226k shares – what was the float? There is a huge overhead of 27mn government owned shares – they could do the same thing again and again.
making investments such as buying shares, bonds, etc is very risky. Some investors like banks can fold up at anytime and no body can do anything about it. local small investors in Zambia are never protected. I was once lured into buying meridian baby bonds for my children; it was a mistake!!! they pulled out a rabbit hidden in their fine print at the back. Zambians may even be safer burying money underground than investing.