ZAFFICO goes on LuSe, not sold

News

By JOHN SAKALA
The Industrial Development Corporation (IDC) has clarified that
Zambia Forestry and Forest Industries Corporation (ZAFFICO) has not been sold to any investors, foreign but will be listed on Lusaka Stock Exchange.

This is after Kitwe and Kalulushi ran amok rioting and protesting against the rumoured sale of the indigenous firm managing Zambian trees.

IDC Public Relations Manager Namakau Mukelabai has told The Independent Observer that IDC is seeking to revamp most of the state owned firms.

Ms Mukelabai said IDC has the mandate to reposition its existing portfolio of companies by ensuring sustainable growth and profitability, with the ultimate aim of listing these companies on the LuSE for broader Zambian ownership and benefit through dividends.

She said plans are underway to list ZAFFICO on the Lusaka Securities Exchange (LuSE) and all Zambians will have an opportunity to buy shares, thereby becoming part-owners of the company.

“Listing on the LuSE will provide ZAFFICO an opportunity to raise cheaper and longer dated capital to finance business growth. This in turn will support job creation and enhanced domestic resource mobilisation. In addition, listing on the LuSE will enhance overall corporate governance, transparency and accountability.

“The listing of ZAFFICO will not only provide the company an opportunity to achieve its growth objective through the establishment of more plantations throughout the country, but will also accelerate job creation and increase the amount of raw timber available for value addition by its clientele,” she said.

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