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Zambia: Government puts 17.3 percent of its shares in ZCCM-IH for sale
The government has announced listing of 17.3 percent of its shares in the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) with generated funds to be used in other sectors.
Currently main share holder of the mining company with a total of 77 per cent of the share, the Zambian government told the parliament last week that the move was in line with local Lusaka stock market Exchange (LuSE) regulations which prevent a single shareholder to possess over 70 per cent of the company built in 2000.
The sale of 17.3 per cent, the government will still remain main decision maker through the Industrial Development Corporation Zambia Limited (IDC) representing the government with a total 60.3 per cent.
It seeks to invest returns of listing into other economic sectors, mainly the infrastructure.
Country’s National Pension Scheme Authority (NAPSA) acquired 15.8 per cent of the company in 2015.
ZCCM-IH’s share currently trades at $1.63 at London Stock Exchange.
