Maravi

Zanaco Plc opens IPO

Zanaco Plc opens IPO
Written by Kabanda Chulu

ZANACO has opened its Initial Public Offer (IPO) to sale 25.8 per cent ZANACO has opened its Initial Public Offer (IPO) to sale the 25.8 per cent government stake (297,999,002 shares) at a cost of K470.00 per share.

According to the Lusaka Stock Exchange daily stock news, the Zambia Privatisation Trust Fund (ZPTF) and Zanaco are now offering the shares for public purchases.

“On offer are 297,990,000 shares at K470.00 each. This offer will close on 23rd October 2008 but share price may rise and fall and always seek professional advice from your stock broker or financial advisor,” it stated.

Last week, Zanaco managing director Mark Wiessing announced the appointment of Stockbrokers Zambia Limited as financial advisor to provide merchant banking services for the listing of 25.8 per cent shares in Zanaco Bank Plc.

Wiessing said the bank had commenced discussions with the ZPTF to finalise plans for the issuance of the IPO that would be undertaken at the Lusaka Stock Exchange.

The ZPTF is an institution that holds government shares in trust on behalf of Zambians before they can be listed and floated to the public.

Last year, government sold Zanaco Plc to Rabobank of Netherlands for US$ 8.25 million and under the current structure, the ZPTF holds 25.8 per cent, Rabobank holds 49 per cent with management powers and government holds 25 per cent with certain veto powers while minority shareholders have 0.2 per cent stake.

Labels: IPOs, ZANACO

posted by MrK @ 12:10 AM