Maravi

Celtel shares in high demand, observes Postel

Celtel shares in high demand, observes Postel
By Kabanda Chulu
Thursday May 15, 2008 [04:00]

PANGEA stock brokers’ senior partner Eric Postel has said the strong demand being shown by Zambians in acquiring Celtel shares might result in an over subscription. During a tour of the Celtel Initial Public Offer (IPO) database that has been set up at Zambia Centre for Accountancy Studies (ZCAS), Postel on Tuesday said there was a possibility that the country’s biggest IPO would result in an over-subscription.

“When we started, we were receiving between 200 to 500 applications daily. But currently, we are handling several thousands of applications in the range of 30,000 to 50,000 and at this rate it’s possible to get an oversubscription because of the strong demand we are seeing from all people, including individual and institutional investors,” he said.

Postel explained that the IPO database received applications from banks, processed and stored the data in the system.

“We capture all the data and print them out for verification then it is stored in the system and there are measures to ensure that no data is lost and in case of errors, corrections are made at each stage of data processing.

But if the error cannot be corrected, applications are sent back to the banks for adjustments and final corrections,” said Postel. “And it will take about 10 days to complete data processing after the IPO is closed on May 20, 2008,”
Postel urged Zambians to get shares now and not wait for the last days.

Celtel Zambia is offloading 20 per cent shares to become the first mobile company in Zambia to list at the Lusaka Stock Exchange.

Labels: CELTEL, LUSE, ZCAS

posted by MrK @ 3:32 AM