Govt’s plan to reduce shares in ZCCM excites LuSE

The Lusaka Stock Exchange (LuSE) says it is excited by government’s decision to reduce its shareholding in ZCCM Investments Holding Plc to 60 percent from 87 percent.

In his 2015 budget speech to Parliament last Friday, Finance Minister Alexander Chikwanda disclosed that government’s decision to reduce its shareholding in ZCCM, will allow 27 percent shares to be sold to Zambian citizens as a way of entrenching their economic independence.

LuSE Chief Executive Officer Brian Tembo has told Qfm News in an interview that it is particularly exciting that government has led by example in line with its call that companies listing on the country’s stock exchange comply with the 25 percent minimum public float requirement.

Mr. Tembo says government’s decision to reduce its shareholding to 60 percent in the country’s prime investments holdings whose majority investments are in the copper mining sector, will allow members of public to own shares in mining.

Mr Tembo says this is besides government itself raising money from such a decision.