Wednesday, October 30, 2024

IDC will hold 60% of the Shares in ZAFFICO-Wina

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Vice president Inonge Wina
Vice president Inonge Wina

Vice President Inonge Wina has disclosed that the Industrial Development Corporation will hold the largest share of more that 60 percent once ZAFFICO is listed on the Lusaka stock exchange.

Mrs. Wina told Parliament this morning during the Vice President’s question time that the first priority in shareholding will be the workers followed by the Zambian people.

She said the rest of the shares will be distributed among Zambians and foreign investors who are interested in buying shares in the company.

Mrs. Wina however reiterated that government has no intentions to sale the Zambia Forestry and Forest Industries Corporation Limited because it is a viable company.

She explained that the listing of the company on the stock market is meant to raise more capital because ZAFFICO has moved from planting only timber to planting tea and cashew nuts which requires more capital injection.

Mrs. Wina was responding to Chasefu Member of Parliament Gerald Zimba who wanted to know what government is doing to give a comparative advantage to Zambians for them to acquire the shares in ZAFFICO once the company is listed on the stock market.

35 COMMENTS

  1. I haven’t read anything like ZAFFICO is sold to the Chinese, but where did HH get that information that the said institution has been sold mwebantu? Lets be very careful with our politicians or else this country will be on fire for nothing. I believe a person who is looking for plot one should be serious so that even people can vote for such a person.

    • B r you’ve been rolling for the past 7 years with nothing to show for it but debt now it’s upto your necks the only option is printing money in the pretext of adding security features and pawning state assets

    • @EX-MAROON, why are not finding out how much capital injection is needed for planting tea and cashew nuts. ZAFFICO sold the Mukula trees, how much did it raise? I am sure more than the capital injection it needs. Any way keep on sleeping, you will be back here apologing for your ignorance when it’s too late. More Chinese becons in ZAFFICO and mineral prospecting.

  2. In my opinion, govt should halt the floating of ZAFICO shares for now. a lot of citizens have voiced out as being against, why can’t you listen to us? Or are you telling us its already sold and can’t be reversed?

  3. We don’t want foreigners to have shares.it means u have sold some shares already to chinese guys.Ba wins we expect u as a woman and mother to help this country.Foreigners will buy a large portion of 40% .

    • When state owned companies must raise capital from citizens most of them are just drinking in clubs, the majority of us Zambians have no will to invest and grow our economy. The loudest critics on this social media cannot even build a pit Latrin for themselves. But the company must grow. Forget about those causing confusion while their money is invested outside the country.

    • Form the look of things the Chinese have more information than we do and are being backed by their government to buy shares. What a shame.

    • @Kelvin Mulanga, stop lying. You have been harassing local investors, you fly over HH’s ranches, publicise is bank accounts, local suppliers go for months without pay. Where is the post?

    • WE HAVE TO STOP IT UNTIL A L L LOCAL OPTIONS ARE EXOITED IN NATIONAL INTEREST. WE CANT HAVE A PARTY ENTITLED PF GIVE MORE OPPORTUNITIES TO CHINESE AT THE EXPENSES OF CITIZENS AFTER 50 YEARS OF INDEPENDENCE. KIDS ASK FOR ALLOWANCES YOU TEAR GASE THEM. THE CHINESE ENCRONCH ONTO ZAFFICO LAND TO MINE YOU JUST SAY THEY SHOULD JUST PAY COMPENSION, I WOULD DO IT AGAIN AND AGAIN UNTIL I FIND DIAMONDS.

  4. Yes GRZ will own 60 % of shares and the Chinese 40% but a special veahcal will be created where the Chinese will own 60 % of any profits and IDC will own 40 % ……
    ZAFICO has already been demarcated and sold off , only waiting a good cover story…….

    ZNBC revisited….

  5. Listing is as good as selling. The clarification that only 40% will be offered is reminiscent of the ZNBC debacle. Who is controlling star times and collecting all the muller now? The funny thing is that shareholding can change behind doors without the public knowing. As it stands our eyes are on you, and please we don’t want the Chinese to participate in buying shares. The locals can buy these shares. After all people are being given mansions for free and toll gates costing US4.5million, fire trucks US42milliom. By the way how much money do they want to raise. We have billionaires in Zambia now.

    • Correct, star times controlls all the revenue streams at ZNBC , from last rentals to set top box sales to carriage fees to advertising fees.

      Only the name ZNBC is a 100 % Zambian trade mark. The Chinese can’t use the name ZNBC, who cares ?, but they controll all the money.

      Then you have the looters telling us that ZNBC has not been sold ? Technically they are right in that the trade mark name ZNBC has not been sold, but GRZ does not own any revenue streams.

  6. No doubt listing will improve efficiency and corporate governance as it will afford citizens direct ownership of ZAFFICO. Now before listing ZAFFICO,make sure that the interests of Zambian citizens are protected i.e make sure that a certain percentage of shares is exclusive to Zambians even when foreigners have money,they will not be allowed to buy and/or compete with would be Zambian shareholders.

    • Re-capitalization. Government is not in the business of running business. Simple!! But as usual we have the usual conspiracy theorists….cant even understand basic business concepts! I’d be busy using those internet bundles looking up stock brokers if I were you!

  7. These thieves cant be trusted; how does she explain the pegs in the forest with Chinese markings? Even this old hen must be arrested for abating corruption and sale of our assets when they leave office. She can be spared, the sales have happened under her watch. She is part of the cabal.

  8. ZAFFICO sold or not sold, very irrelevant to my life. This is the one they said powerful HH said one sentence on radio and CB was on fire. How? PF and UPND – both totally hopeless parties. Each time I wake up, I hope both parties go extinct.

  9. After seeing all the backlash that has come after government announced selling off zaffico shares they have now come up with plan B of only selling 40%. Always on the back foot.

  10. PFoools never thought that Zambians would react the way they did, all thanks to some one leaking the news otherwise this would have been a goner

  11. Some people are just destined to be political failures, and Trib.al Hacks is one of them together with his trib.al followers.

  12. Upnd cadre those assets you are selling were there before we even knew ECL existed and we have been through this saga before. This is a thorn issue l think it will be best for your party to leave Zaffico alone. There is so much at risk and The people on the Copperbelt know that, go ahead with this sale of shares and see how you start losing seats on the Copperbelt. We can’t have a few individuals deciding for the millions of people without any consultation as if those resources are yours personally when they belong to all of us regardless of party affiliation as long as we are Zambians

  13. The current pf leaders can work well if they become ancestors.How can they fell to run a business of trees which is watered by God for free unless they give it to Chinese.

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