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Zambian government offloads mining shares to public

  • SOURCE: | qwesa2big
  • miningThe Zambian government on Wednesday officially offloaded 28 million shares it holds in various mining firms to the general public

    The Zambian government holds shares in various mines through the Zambia Consolidated Copper Mines-Investment Holdings (ZCCM-IH) and the offloading of the shares is meant to afford local people have a share in the running of the mines.

    The shares offer will close on Monday, November 30th, 2015, according to ZCCM-IH Chief Executive Officer Pius Kasolo.

    The official told journalists at the Lusaka Stock Exchange (LuSE) during the offloading of the shares that the main objective of the sale down is to enable local people take an active role in the running of the mining sector through owning shares in the mining companies.

    For the first time in the history of ZCCM-IH, the government is availing the opportunity to every Zambian to own part of the highest value stock of the Lusaka Stock Exchange that is also listed on the London Stock Exchange and the Paris Stock Exchange, he added.

    The official has since encouraged Zambians in the Diaspora to take advantage of the share offer and actively participate in the local stock market, adding that the share sale down will be actively promoted nationwide and also in the Diaspora to ensure equitable participation of all citizens.

    The ZCCM-IH holds between 10 to 25 percent of shares in various mining firms operating in Africa’s second largest copper producer.

    In June this year, the government sold 15.8 million shares in ZCCM-IH to the state-run National Pension Scheme Authority (NAPSA), leaving a balance of 28 million shares which have been offered to the general public.

    The plan is to reduce government’s stake in ZCCM-IH from 87.6 percent to 60 percent. The other 12.4 percent shares are owned by minority private shareholders. Enditem

    Source: Xinhua

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