Celtel Zambia has announced its intentions to list 20 per cent of its shares on the Lusaka Stock Exchange (LUSE).
Celtel Zambia managing director David Venn made the announcement at a media briefing in Lusaka today.
Mr. Venn explained that the company has so far applied for primary listing on the LuSE and an indicative date for opening of the ordinary share offer to the public has been set for 28th April this year.
He said the 20 per cent shares represent over one billion out of the over 5 billion total shares that the company has in total.
Mr. Venn added that the offer price per share will be communicated to the public before the offer opens and the necessary regulatory approvals have been granted.
And speaking at the same occasion Commerce Trade and Industry minister Felix Mutati said the listing of shares on the LuSE is an instrument for empowering Zambians economically.
Mr. Mutati said the move would also increase participation among Zambians in the country’s economy.
He said Zambians should take the opportunity to invest money into the company in order to gain higher returns on the stock exchange market.
The commerce minister has since urged other companies especially in the mining industry to emulate Celtel Zambia Limited by listing part of their shares on the Zambian stock exchange market.
And earlier communication and transport minister Dora Siliya said the move by Celtel to list some of its shares is a good response to the macro economic growth the country is currently experiencing and to the Information communication technology.
She disclosed that government this year intends to spend K800 million on the development of ICT in rural areas of the country.
Ms. Siliya added that government last year spent K100 million towards rural ICT development to enable the rural population access information to uplift their lives.
She assured the nation that government will continue to invest in the ICT sector as it is key to contributing to national development.
She has since commended the mobile phone service provider company for its intention to offload 20 percent of its shares to Zambians.
Celtel Zambia limited is currently the largest cellular network company in the country with approximately 2 million subscribers on its network.