Govt to sale 17.3% shares in ZCCM-IH on LuSE

Finance Minister Felix Mutati has disclosed that government intends to sale 17.3 percent of its shares in ZCCM-IH on the Lusaka Stock Exchange (LuSE).

Mr. Mutati has told Parliament in a Ministerial Statement that the proceeds from the sale of the shares will be prudently used for development of more assets such as financing of the Infrastructure Development Fund.

He says the proposed sale will still leave the government as a majority share holder of 60.3 percent of shares with NAPSA holding 15 percent shares.

Meanwhile, Mr Mutati says the government is yet to pay LAP Green of Libya the US$380 million as a result of the repossession of Zamtel.

He says at the time Zamtel was PRIVATIZED; government received a total of US$257 million for the asset, but will have to pay US$380 million after repossessing the company.