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This was during the Extraordinary General Meeting (EGM) of the IDC held yesterday at the Ministry of Finance.
Secretary to the Treasury Mr Fredson Yamba speaking for the shareholders, commended the performance and declaration of dividend by the Industrial Development Corporation (IDC) as a step in the right direction.
The IDC recorded a profit after tax of K39,999,237 for the year ended 31st December 2016 with total assets at K15,810,803,732 as at that date. The shareholders approved the recommendation by the IDC Board to declare a dividend of K9,999,809.00. The IDC was incorporated in 2014 as a company limited by shares under the Companies Act and is owned by the Minister of Finance under the provisions of the (Incorporation) Act Cap 349 of the Laws of Zambia.
Mr Yamba expressed optimism that IDC will in future declare higher dividends.
He praised the Board, the Group Chief Executive Officer and management for the pivotal role that IDC was playing in spearheading the country’s developmental agenda through the transformation of State-Owned Enterprises (SOEs).
He observed that most SOE’s under the supervision of the IDC were showing signs of operational improvement and stability.
Meanwhile the Chairperson of the Finance and Administration Committee of the IDC Board of Directors Mr David Kombe, said the Corporation is executing its role to industrialise the country and grow the economy through active investments into greenfield projects and SOE transformation.
He assured the shareholders that IDC is well positioned to turnaround non-performing parastatals towards profitability and declaration of dividends to shareholders.
Mr Kombe was pleased to report that significant progress had been made as demonstrated by the number of SOE’s recording profits, some for the first time since they were established. He assured the shareholders of IDC that the transformation of the IDC portfolio would remain a top priority and that it was the intention of the IDC Board to ensure that IDC led the way in demonstrating that State Owned Enterprises should deliver returns to its shareholders.
In addition, Mr Kombe said investments by the IDC in new projects such as the Zampalm Plantations would create employment and change the economic face of Muchinga province.
This is contained in a statement Issued by Industrial Development Corporation Public Relations Manager Namakau Mukelabai