The Zambia State Insurance Corporation says it will this year be listed on the Lusaka Securities Exchange to enable it raise more capital for investment.
Its Managing Director Christabel Banda said the company will appoint an advisor for its initial purchase offer before the end of 2019.
Mrs. Banda who confirmed this in an interview did however not disclose the names of the possible advisors but advised further that internal assessments were ongoing to determine how many shares will be floated.
She said the floating of shares on the market will allow Zambians to participate in the running of the company.
ZSIC is one of the two state owned enterprises after Zaffico, that have been earmarked for listing to not only aid operational efficiency but ease fiscal pressure on the Minister of Finance through capitalization of entities that are in essence expected to be self sustainable.
According to Government officials, State Owned Enterprises listing will also assist the state shore up its non tax revenue base to assist cushion its fiscal needs.
A successful addition of ZSIC to the LuSE equity scoreboard this year, will increase the number of tradable stocks to 24.
Great news and a move in the right direction. Savvy investors will start preparing for the ZSIC and ZAFFICO IPOs, instead of protesting in the streets.
Can these companies now open their books for public scrutiny….
Change management too. You need to shift from parastatal mentality to serious work. Allow us to buy shares in this Zamtel too. Change management likewise. Allow Zambians to buy shares in Ndola lime also. Float ’em shares on LuSE. Tufwile tulelwamo.