Maravi

(NEWZIMBABWE) Three state-owned firms to be privatised

Three state-owned firms to be privatised
by
06/01/2010 00:00:00

FINANCE Minister, Tendai Biti says the government plans to privatise three state-owned companies and list them on the Zimbabwe Stock Exchange (ZSE) this year.

Speaking during the listing of TN Financial Holdings on the local bourse, Minister Biti said trading the privatised firms on the ZSE would facilitate public participation in their shareholding while enabling the creation of viable independent companies.

“We are looking at listing at least three entities ... so you should be seeing the IPO’s (Initial Public Offers) this year,” said Biti.

The minister said the government had seen some success stories with the privatisation of the former Dairy Marketing Board, now trading Dairibord Holdings Limited and the Cotton Marketing Board which has since been rebranded into AICO Africa Limited.

“We have had some success stories with Dairibord and Cottco,” Biti said.

Although Minister Biti did not name the companies targeted for privatisation, mobile phone operator Telone is understood to be in talks with South Africa’s Telcom while Redcliff-based steelmaker Ziscosteel has also attracted international attention.

The government is also understood to be considering part-privatisation of the struggling national airliner, Air Zimbabwe.

Minister Biti said the ZSE was likely to benefit from increased investor participation during the course of the year following the reduction in trading fees and the signing of the Bilateral Trade Agreement with South Africa.

Labels: NEOLIBERALISM, PRIVATISATION, TENDAI BITI

posted by MrK @ 4:15 PM