ZAFFICO has not been sold- IDC

The Industrial Development Corporation (IDC) has clarified that ZAFFICO has not been sold to any investors, foreign or local describing the rumors as untrue.

IDC Public Relations Manager Namakau Mukelabai says 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.

In a statement made Availbale to QTV news, Ms. Mukelebai says 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.

She says listing on the LUSE will provide ZAFFICO an opportunity to raise cheaper and longer dated capital to finance business growth and enhance overall corporate governance, transparency and accountability..

Ms. Mukelebai says this in turn will support job creation and enhanced domestic resource mobilization.

She has emphasized that 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.