LWSC records 14% annual growth
Written by Chiwoyu Sinyangwe
Friday, August 28, 2009 2:51:03 PM
LUSAKA Water and Sewerage Company(LSWC) is currently recording an annual growth rate of about 14 per cent buoyed by increased demand and programmes aimed at enhancing efficiency, managing director George Ndongwe has said. And Zanaco Bank Plc and LWSC have launched a payment system which will enable Zanaco account holders to
settle their bills electronically to the water utility.
According to Zanaco managing director Mark Wiessing, the transfer system dubbed “Bill Muster” was in line with other regularly occurring payments such MultiChoice bills and university fees.
Wiessing said with the Bill Muster, LWSC customers would be able to pay for water bills efficiently and in a convenient manner using their mobile phones.
Earlier, Ndongwe said LWSC had registered steady growth, expanding its water distribution to frontiers beyond the urban areas.
Ndongwe also said the introduction of Bill Muster coincided with LWSC’s long-term objective which saw the company introduce a business messaging system for its customers.
And commerce deputy minister Richard Taima urged Zanaco to extend the facility to other towns outside Lusaka.
Taima also said the recent strides confirmed that the privatisation of Zanaco Plc was not a mistake as it had turned out to be a success.
Labels: GEORGE NDONGWE, LSWC, MARK WIESSING, PARASTATALS, ZANACO
Read more...
COMMENT - The minister is trying to 'create' a stimulus package by rewording existing policy. Who this is supposed to fool I don't know.
Govt has provided stimulus package, claims Mutati
Written by Chiwoyu Sinyangwe in Chirundu
Saturday, February 14, 2009 4:22:26 AM
COMMERCE minister Felix Mutati on Thursday claimed that the government has provided over K2.3 trillion as economic stimulus package for the country in this year’s budget.
Officiating at the opening of the Zanaco Plc branch in Chirundu, Mutati said the economic stimulus package was in line with initiatives being taken by some other countries to stimulate their economies in the wake of the current global financial crisis.
Mutati explained that while other countries were providing direct financing to stimulate their economies, Zambia’s package was entrenched in the incentives provided for in the national budget.
He said the stimulus package would cost the country in excess of K2 trillion.
“People are asking us; does your government put any economic stimulus package? The answer is yes,” said Mutati.
“The answer is yes. We have in the 2009 budget provided for tax rebates, tax relief in excess of K2 trillion. That in effect is our stimulus package. We have reduced Pay As You Earn (PAYE), by giving concessions to the mining sector so that they can continue to provide employment to our people. We are including the Multi Facility Economic Zones (MFEZ) in the incentives. This is all part of the economic stimulus packages. So, we are not sitting back but we are confronting the challenges and meeting them. “
And Zanaco managing director Mark Wiesssing said the opening of the 53rd branch at Chirundu was part of the bank’s aggressive expansion programme.
Wiesssing said the opening of the branch also allayed earlier fears that the bank would halt the expansion programme after it was taken over by Dutch financial giant, Rabobank Group.
He also disclosed that despite the current global economic predicament, Rabobank Group had continued to post very strong results for growth.
“As of last year, we have posted over 100 per cent profit before tax and K50 billion profit for the prior year. Our deposit base has grown to over K2.3 trillion making it the largest deposit base while shareholder equity stands at K250 billion which is way above the minimum requirement of the Bank of Zambia,” said Wiesssing.
Labels: FELIX MUTATI, GREAT DEPRESSION II, MARK WIESSING, RABOBANK
Read more...
Financial market is protected, says Wiessing
By Business Reporter
THE Zambian financial market is insulated against shocks currently being experienced by global financial markets, Zanaco managing director Mark Wiessing has said. And the Zambia Privatisation Trust Fund (ZPTF) has completed its mandate of selling Government shares in privatised companies through the stock market with the sale of 25.8 per cent shares in Zanaco.
Mr Wiessing, who was speaking during a Press briefing to mark the official announcement of the initial public offer (IPO) for the 25.8 per cent shares that the Government held in Zanaco, said Zambia was relatively well regulated to avoid the effects of such financial calamities.
He was responding to a question on the timing of the offer of Zanaco shares to the public through the IPO, and onward listing on the stock exchange, at a time when there was turmoil in the global financial markets.
“Zambia is relatively insulated. I think that the Bank of Zambia is doing a commendable duty to protect the Zambian economy through a well regulated financial market,” Mr Wiessing said.
He said the IPO was well intended to benefit the domestic market and what was important was that the fundamentals of the offer focused on empowerment of Zambian citizens.
The ZPTF yesterday offered the 25.8 per cent Government shares held in Zanaco through the IPO on the Lusaka Stock Exchange (LuSE), the largest Government share offer, which is expected to realise K140 billion.
ZPTF trustee Chileshe Kapwepwe said the offer comprises a preferential offer of 25,396,875 shares to Zanaco employees and 228,571,877 shares to the public, priced at K470.
With the offloading of the 25.8 per cent shares held by ZPTF, plus the 0.2 per cent currently held by minority shareholders, the public would now have a combined 26 per cent stake in the bank, while Government would remain with 25 per cent and the Rabobank Group of Holland with 49 per cent shares.
Ms Kapwepwe explained that the ZPTF had completed its mandate of holding and offloading Government shares in privatised companies.
Simultaneously, Zanaco has also offered an additional 44,021,250 new ordinary shares for subscription to its shareholders, including the public who would take up the allocation that was supposed to be for ZPTF, in order to raise K80 billion for investments in product development, staffing, infrastructure and expansion.
Charles Mate, managing director for Stockbrokers Zambia the company appointed stock broker in the IPO offer, said the National Pensions Scheme Authority (Napsa) had invested K50 billion in the arrangement as an underwriter.
Mr Mate said Napsa will also participate in the offer for subscription, adding that the decision by the pensions scheme authority to participate was a blessing and a sign of confidence in the offer.
The offer opened on Monday and would close on October 23.
Labels: FINANCIAL CRISIS, MARK WIESSING, ZPTF
Read more...
