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Buy shares in ZCCM Holdings, citizens urged

ZCCM Investments Holding has implored Zambians to take advantage and buy shares floated by the company on the market.

During a ZCCM-IH share sale-down interactive meeting at Mulungushi International Conference Centre on Friday, ZCCM-IH chief financial officer Mabvuto Chipata said his company, through the share sale-down, intends to increase participation of Zambians in economic development.

We want to ensure a broad distribution of shares in order to increase the liquidity and trading of ZCCM-IH shares on the LuSE [Lusaka Stock Exchange]. We want to comply with LuSE listings requirements regarding the minimum percentage of shareholding available to the public, implement GRZ’s initial intention of the second phase of privatisation and also raise revenue for the treasury,

he said.

Mr Chipata said ZCCM-IH has put up 27,961,237 shares for sale at an offer of K38 and K40 as market price.

The preferred applicants, who are Zambian companies or the local people, will not pay any transaction fees but foreign nationals or companies will pay a transaction fee of 1.37 percent,

he said.

Mr Chipata said the share sale-down which has a percentage offer of 17.4 percent, closes on November 30, 2015, adding that the results of offer will be announced on December 14.

“We extended the period of offer for another two months in order to provide more opportunity to every Zambian within the country to know about the offer.We do not want to have at the end of the day people saying they did not hear about the offer,” he said.

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