Govt to hold 60% of shares in ZAFFICO – Wina

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.