Zaffico shares go public
ZAFFICO has officially been listed on the Lusaka Securities Exchange.
And, Government has implored the Industrial Development Coropration – IDC- to continue seeking innovative ways to leverage the domestic capital markets to anchor the transformation intervention of public enterprises under it.
Finance Minister Bwalya N’gandu has urged the LuSE and Securities Exchange Commission to take bold and decisive measures that will make it easier for companies to list.
Dr N’gandu said this when he officiated at the Zaffico listing ceremony in Lusaka today .
The Minister said the listing of Zaffico will contribute to supply stock to LuSE and presents an opportunity for domestic retail and institutional investors to diversify their portfolios.
And Zaffico Board Chairperson Anna Kunda said the development of listing Zaffico will enable the company to expand its plantations in each of the 10 provinces.
Ms Kunda says Zaffico will be consolidating its position in the market to be leading supplier of wood and timber related products, while it also supports the reafforestation to address the effects of climate change
And, IDC Group of Companies Chief Executive Officer Mateyo Kaluba said the listing of Zaffico on the wider platform will actualize its potential stating that it is the first IPO in the foresty sector and also restricted to Zambian investors.
Mr Kaluba said the listing of Zaffico on LuSE is a demonstration that public enterprises can be capitalized without depending on the treasury.
Meanwhile, Lusaka Securities Exchange -LuSE- Acting Board Chairman Richard Phiri said ZAFFICO is the 23rd company listed on the exchange.
Mr Phiri said the listing of Zaffico will raise capital for the long term without incurring high costs that come with traditional modes of financing.
And Securities Exchange Commission CEO Phillip Chitalu said the Commission will continue to facilitate a conducive environment to enhance participation in the capital market.