The Mahtani Group of Companies has disclosed that Finance Bank Zambia will be listed on the Stock Exchange for the benefit of Zambians.
Group Chairman Rajan Mahtani also says the reversal of the sale of Finance Bank has restored confidence in foreign investors wishing to invest in Zambia.
Dr Mahtani says President Michael Sata’s directive to reverse the sale of Finance Bank has proven that he will not allow any injustice to be done to anyone.
He says in a statement to ZNBC News that the regulators deliberately ignored the fact that 40 percent of the Bank is owned by credit Suisse, one of the largest players in the international financial industry.
Dr. Mahtani also says Finance bank was deliberately undervalued and that the restoration process will prove that the bank’s value will be in excess of $200 million within a short time.
Dr. Mahtan sounded a warning to the those owing the bank to settle all their dues in the shortest possible time as their ‘orchestrated schemes’ had failed.
ZNBC
Brilliant!!!
eish i wonder whose going to buy shares in finance bank i’ll wait for them to sort out their act first
Business is about risk taking. I will surely buy shares in Finance Bank when the dust clears.
bad timing
#2 and #3 A stockbroker will tell you to buy shares when they are low. When the dust settles the shares will be high and you won’t make as much profit.
GOOD MAN OF GOD DR MATHANI. FOREIGN INVESTORS HAVE BEEN EXTERNALISING COPPER REVENUE AND SNO ONE TALKS ABOUT IT BUT OUR OWN ZAMBIAN INVESTOR IS BEING VICTIMSED. RB RB IN GOING TO BE IN SHEETS. ZAMBIAN FB SALE WAS POLITICALLY MOTIVATED BY RB.
This is surely good news for Zambians who are interested in investments.
year dats gud achievement for dw country
AM HAPPY FOR THIS REVERSAL DECISION THIS IS ONE OF THE BEST DECISION THE GUY IN STATE HOUSE HAS DONE, IAM SO PROUD OF MR SATA THE PF TRIBALISTIC PRESIDENT FOR SURE ITS PAY BACK TIME MATHANI HELPED TO LAUNDER CASH FROM TAIWANESE AND PAKISTAN DRUG WARLOADS TO FUND THE PF,SO HE DESERVES KICK BACKS AND JOIN THE BAND WAGON OF NEPOTISM WHERE ALMOST THE WHOLE ENTIRE POST NEWS PAPER WORKFORCE HAS BEEN TRANSFERRED TO STATE HOUSE, SO TO PF AND SATA THUMBS UP ON THIS ONE
Look we sold FB at $5million, yet it is worth $200million. At 2.5% the value. I think all people involved should be arrested with immediate effect. This level of theft has never been seen in Zambia before. God help us!!!!
I would never buy shares in Mahtani the money launderer you will lose your money
Which economics book does Mahtani read? Prospective foreign investors announced last week here in London that the world-over global movement of capital into Zambia will stall for atleast 12 months while investors watch this unusual level of government intervention. On the floatation of Finance Bank shares on the stock exchange, I’m interested to see how it all goes. For once, Mahtani with his fraudulent background does not inspire confidence. Basically, those that want to play politics with their money by buying shares in Finance Bank to please Sata can go ahead. Basic statistics tells every clever person that the odds of losing your money in shares with Finance Bank are at close to 0.9. Don’t touch Finance Bank shares, no matter the hype!!!
not every institution is eligible to float shares on a stock market unless it satisfies certain benchmarks right? so mahtani is here to prove a point that his bank was not so bad after all as rubbish and company wanted us to believe
Is finance bank really worth $200m US? He wants to float shares so he can take his haul and then the bank will collapse leaving investors with the debt, Come on mahtani, You can not take an insolvent bank on the stoch exchange, its day light staeling? How much did Miles Sampa get on this Deal?
Good evening
#9 Octpus kindly stick to the topic and try to post a comment that everybody can understand. Not that perplexing and antagonising wordplay.
# 12 Gogiko just who are those “prospective foreign incestors” and who gave them the mandate to speak for all other investors the world over? At least it is clear that they don’t represent Credit Suisse, which owns 40% of the shares in FNB. In my view, the are more reasons for investors to be worried about their shares in countries like Greece, Italy and even the US than in Zambia.
There will always be those that smell danger where there is absolute peace and saftey.
Time for speculators and investors to pump money in FBZ while it’s cheap. I would definitely buy big if I had enough to spare. It’s a very good deal. Poor people won’t see the opportunity here, they will see only calamity and losses. Go in fast!
RB and family now have to pay the money they borrowed from FB. He is really in SHEETS.
Finance Bank is a tainted brand! I wouldn`t buy a single stock in this bank.
Even a fool is considered to be wise if it doesent speak, (Proverbs 17 vs 28), dont comment when you are ignorant about the issue, you are wise ” FEED THE FUTURE” keep it up with your wisdom
It’s simple. High risk,high return. But you gotta know when to move in. Meant to be poor, see calamity and dont invest. meant to be rich, calculate your moves and make a quick back before it stabilises.
@15 Nine chale, I think you have forgotten your english all u speak now is Germany, what iam putting acrossi s a clear message and congratulate the PF president for what he has done,But as for this culture of BEMBA ethnogenesis SATA IS constructing by appointing senior Govt positions based on ethnic identities), iam not going to sit and mess our country i will sensibly put my mind across and i have got no apologies to any lamebrians or simpletons
Mahtani is barking mad!! LOL!! How about the small issue of those toxic debts, what are you doing about them…in this day and age you honestly think people just dish out money just like that…you reinvest some of your money first!!!
Selling shares in a company is a way of retaining some of the money by the owner of the company. What Mathani is doing is simply offloading his shares so that he can make some for himself and in the event that there is trouble at finance Bank, he will not lose out. He has learnt his lesson that when you are in business you should sell off atleast 49% of the shares so that you get back some of your investment in liquid cash. Holdin 100% shares in a company is risky, even if what you own is a grocery store.
So, this is confirmation that the bank needs to raisevmoney. I am keepingbmy money to buy The Post newspaper.
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Its my hope this predicament does not lead to the Meridian Bank in Zambia or the RBS, Lloyds TSB & Northern Rock Banks which got bailed and now owned by the UK Government.
Mr Mathani! Yes!..”the bank’s value will be in excess of $200 million within a short time” … if you raise the money from the selling of shares/securities on the stock markets.
Finance Bank wants to raise the cash and the bank’s Market Capitalisation by floating on the stock exchange. Its need to raise its Liquidity & Balance Sheet, to stay health.
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FBZ is not worth $200 US Dollars. The bank has an excess TOXIC ASSETS in hundreds of million of dollars. The value of a Bank is measured by its Assets, Liquidity, Balance Sheet. So before he dreams to see the bank become health to the surplus of $200m, Mathani desperately needs to restructure and raise money.
Cont…
Given a scenario¦
…. If you own a house worth $100 US Dollars and the same time you “owe” Mr Xyz $95 Million Dollars.
You then decide to put the house on the market and by coincidence Mr. Xyz decides to buy your house – Its mostly likely that Mr Xyx will negociate just to pay you $5 Million Dollars and walk out with Title Deeds.
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Mathani needs to send Creditors to grab money from all those CULPRITS that blackmailed him to walk out with LOANS & OVERDRAFTS that did not even have any MEASURED COLLATERAL at all. We have situations where small depositors are not getting any reasonable interests at the cost of appeasing CROOKS.
Some of these crooks have bought million dollars houses in UK, South Africa, USA & India while they deliberately give excuses not to pay back the money. Among them is Fred False Prophet Mmembe.
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Secondly he needs to travel to the UK and sort out all those DODGE DEALS he did that has gotten him into trouble with the banks assets. If he does not, the fizz will blow-out and same Michael Sata that has given him back his bank will shame him openly.
As a person that had deposited billions of kwacha’s in the bank before, I would rather see Finance Bank give more loans to Small Scale Entrepreneurs that want to grow their business and create jobs, than giving loans to crooks without collaterals. This is the format that will grow the economy.
Good idea, lets own the bank
GOOD POINT! THATS WHAT MMD SHOULD HAVE DONE INSTEAD OF SELLING THE BANK TO FNB! LOOKING FORWARD TO WON SHARE IN FINANCE BANK PLC!
Mahtani had bad business and banking practices which will continue. Credit Suisse will not want to be associated to such a toxic character. Mahtani is Zambia’s very own Barnie Maddoff; basically a smooth criminal.
When did the “leopard change his spots”??? Watch this space!!!
Mahtani is a canning businessman those that will opt to but shares into his bank should trade with caution. The people he is refering to as those that owe the bank are not Zambian Airways or the Post but other people whom he forced into getting loans so he could eventually take over their companies. Those that think he is a man of God who was persecuted by RB are dreaming. What was done to him is what he has been doing to other people and is about to do when he says those who owe the bank should pay back in the shortest time. Are loans not guided by agreements? Is it up to the Chairman of the bank to decide when repayments should be made? Membe should be very careful one day he will wake up with Mahtani owning his newspaper. Above all I admire his money making skills.
Shame on you SAKWIBWA SIKOTA for trying to steal Financ Bank from ba Mahtani ,the law should visityou.
You are an embarrassment to the legal fratenity. Can someone cage this chap
I am looking forward to seeing how FBZ shall pass the stringent listing requirements. I wonder how an institution that does not believe in the truth and transparency can go to the stock exchange.
Joke of the week – as someone pointed out above, there are strict rules and regulations to be adhered to before seeking PLC status – the workings of PLC’s are distinclty different from that of LTD.
# Independent Advisor – maybe you can liken the future demise of FBZ to the Merdien saga but certainly not with the same reasons the likes of LLoyds and RBS needed to be bailed out by govt.
Won’t touch this IPO with a barge pole. Two wrongs never made a right. A pure cockup by the new regime if you ask me. So now Dr. Mathani has a grand plan for his bank. I have to wonder what he plans to do with all those toxic assets he has on the bank’s balance sheet! And what about the bank’s competency – its management I mean?
I venture that only the naive and stupid would consider investing in this bank. In fact as someone has already pointed out let us see how he manages to convince LSE to IPO this bank which is for all intents and purposes burst.
Although potentially an error in selling FBZ to Firstrand Ltd I suggest the best way to proceed would have been to find ways for Zambians to participate under competent management/owenership. The idea of returning the bank to Dr. Mathani after the alleged unlawful consduct is ill advised. Anyway good luck to him.
Mhatani is still a shady dude. Zambians invest wisely.
You are no longer sick. The other day yr case could not take off in court as it was reported that you are sick. Its been a quick recovery. All the best
37 # The End
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FNB was indirectly bailed out by the government of Zambia, though not legitimately. When Mathani run out of money, Levy Mwanawansa directed government agencies to open up bank accounts and plant their deposits at Finance Bank. The moves were to help him stay afloat. In other words to give FBZ some health capital security
He also directed some agencies to divorce Zambia State Insurance and move to Mathan’s Insurance Company for the same reasons as above, because he had drained money for the Insurance company at the risk of failing to owner insurance claims on any given day rainy day.
This IPO (Initial Public Offering) needs to be scrutinised because Mathani has always manipulated books.
37 # The End
I am not for seeing the bank demise. So you got your analysis wrong. If you have had the chance to read my comments in the past 1 year about this topic, you would not said so.
Otherwise keep posting its good to have constructive criticism. I value your comments
meant to say! … claims on any given rainy day.
# Independent Observer – thank you for the back ground – I had absolutely no idea that was the case.I was working at one of the 2 UK banks you referred to at the time of the bailouts – my ignorance of the history of FBZ led me to think they were more a “Meridien” case scenario…… And now I am even more intrigued, pray do continue to tell………..
Guys borrow money from FB but dont put anything in!!!
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