THE Zambia Information and Communication Technology Authority (ZICTA) has given MTN Zambia permission to issue 7.8 percent shares to the public by 2014.
Company managing director Farhad Khan said so far, 2.2 percent shares have already been taken up by private companies out of the 10 percent shares that the firm is mandated to float on the local bourse.
“ZICTA has given us up to 2014 to offer the remainder of the shares to the public,” he said.
In an interview in Lusaka on January 27, Mr Khan said he is hopeful the firm will be able to meet ZICTA requirements as the company progresses.
He said MTN has registered phenomenon growth over the last two years and is confident that by 2014, the company would have grown big to float shares.
In November 2009, MTN Zambia said it was set to finalise the issuance of the remaining shares through a private placement arrangement in the first quarter of 2010.
A private placement refers to the sale of securities directly to institutional investors which might include banks, insurance companies or a pension fund.
MTN delayed the issuance of shares due to the global credit crunch.
MTN issued some shares to Barclays Staff Pension Fund and Saturnia Regna Pension Fund of Zambia under a private placement in March 2009.
[Zambia Daily Mail]
To sharp cutthroat zambian investors like me, this is an opportunity worth saving for.I made about $100,000 capital gains when celtel listed.Dont just whine and complain when there are alot of investing opportunities in zed.
VJ Rigger if you made such a huge profit from listing on Celtel then you have plenty of cash in your account. I hope this will not turn out to be another Zain/Airtel saga where many citizens have been robbed off their life time savings by the kuries. Even inviting the public pension funds will still be risky business. Alot of safeguards need to be put in place. I am made to understand that US$240m of NAPSA funds have been invested in the Levy Junction complex. Was it really necessary to inject such a huge some in such a project? That money would have been better used to create a lot of SMEs who in turn were going to create wealth and massive jobs. At the end of the day there will be cashoutflow to Group 5 and RSA economy. There are no jobs so who will be shopping from there.Mispaled palns.
No 1 you are right too many spend their energy on whining and yet there are a couple of us making loot. we just need to get it, the world owes us nothing except safe habitation. our economy needs more private sector investment and fewer Gov investment. then it will be robust.
am in on this one… though we got short changed by airtel this i see it pass me by.