Government has appointed Imare Corporate Finance (ICF) and Stock Broker Zambia (SBZ) to manage the disposal of the Zambia Privatisation Trust Fund’s 25.8 percent of the ordinary share capital of ZANACO.
This would be via an Initial Public Offer (IPO) followed by the listing of ZANACO shares on the Lusaka Stock Exchange.
LUSE Chairperson Friday Ndhlovu who disclosed the listing of shares by ZANACO on LUSE in Lusaka today said the move was remarkable as it would enable a lot of Zambians to have an opportunity to own part of the Bank shares and benefit from profits through dividends.
Mr. Ndhlovu further announced that LUSE will at the end of this month host a Southern African Development Community (SADC) stock exchange meeting in Livingstone.
He said the agenda of the meeting will be to foster regional integration of markets and harmonisation of trading rules among other things.
Meanwhile, Lusaka Stock Exchange (LUSE) has approved a K1 billion and K40 million Celtel application to offer 20 percent of its shares on the Lusaka Stock Exchange.
LUSE Chairperson Friday Ndhlovu announced the development at a press briefing in Lusaka today.
Mr. Ndhlovu said the offer period opened on April 30th and that it will close on May 20, 2008.
He has since urged Zambians to take advantage of Celtel’s 20 percent listings and buy shares as a means of economic empowerment.
Mr. Ndhlovu further disclosed that the Lusaka Stock Exchange (LUSE) is to invest US$ 1million towards the procurement of an Automated System which will be operational before the end of this year.
He explained that the recent listing of the Copperbelt Energy Company (CEC) as well as the increase in trades and increased numbers of listed securities and an increase in awareness and interest by local investor’s has prompted LUSE to switch to an automated system.
Mr. Ndhlovu said investment in an automated system will increase speed and subsequently cope with the anticipated increase in investors trading arising out of the new listings of Celtel and the Zambia National Commercial Bank (ZANACO.
He explained that the Lusaka Stock Exchange had in the past been operating on a manual basis adding that orders were matched as they were faxed or delivered to the exchange by brokers.