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ZUFIAW to buy shares in Zanaco

ZUFIAW to buy shares in Zanaco
By Kabanda Chulu
Monday October 06, 2008 [04:00]

Zambia Union of Financial and Allied Workers (ZUFIAW) president Cephas Mukuka has said the union will buy shares in Zanaco Plc on behalf of workers in order to strengthen the relationship between employers and employees.

And Mukuka has commended Rabobank for fulfiling most of the pledges made when the Dutch firm bought 49 per cent stake in bank.

Commenting on the Initial Public Offer (IPO) aimed at selling 25.8 per cent Zanaco shares to the public, Mukuka yesterday said there was need for workers to have first-hand information on the challenges facing the bank.

“As a union, we will definitely buy shares on behalf of workers in Zanaco in order to consolidate the relationship between employers and employees and this development will help the workers to acquire first-hand information by virtue of being shareholders,” Mukuka said. “This intention to buy shares on behalf of workers will be in addition to what individual workers will buy for themselves under the employees offer.”
Mukuka praised the new management for sticking to what they promised.

“They have not retrenched any worker and they have started opening up new branches in rural areas, which is a positive development and we urge workers to work hard to enhance productivity and high profit levels,” he said.

Zanaco Plc has opened its IPO to offload the 25.8 per cent (297,990,000 shares) government stake in the bank at K470.00 per share and the IPO would close on October 23, 2008.

Labels: ZANACO, ZUFIAW

posted by MrK @ 4:05 AM