First Quantum Mineral lists today on LuSE
TIME PUBLISHED - Wednesday, July 20, 2011, 5:18 am
FIRST Quantum Minerals’ Zambian Depositary Receipts (ZDRs) are expected to be listed and admitted to trading on the Lusaka Stock Exchange (LuSE) today, the mining company has said. The company says the ZDRs will trade on the LuSE under the symbol FQMZ (ISIN ZM0000000375), according to a statement issued by the company and availed to the Mail yesterday.
“Further to prior announcements, Renaissance Capital and First Quantum Minerals (FQM) Limited are pleased to confirm that following closure of the offer period, First Quantum’s Zambian Depositary Receipts will be listed and admitted to trading on the Lusaka Stock Exchange from 09:00 on Wednesday July 20, 2011.”
“Each ZDR will represent interests in First Quantum’s underlying Common Shares (TSX: FM). An allotment announcement with full details of the listing will be published prior to listing,” the company said.
LuSE chief executive officer Beatrice Nkanza hailed First Quantum for becoming the first mining company to issue shares on the local stock exchange, adding that the listing avails Zambians the opportunity to invest directly in the company.
“The capital market is very excited about this development and establishes the LuSE as a prime listing destination for multinational mining companies operating in the region,” she said.
Commenting on the listing, Pangaea Renaissance Securities Limited chief executive officer Ceaser Siwale said, “The First Quantum listing has been very well received by Zambian investors, and we at Renaissance Capital are delighted to have worked with First Quantum to bring this landmark transaction to the Zambian market.”
Renaissance Securities are the book runners for FQM.
FQM resident director Kwalela Lamaswala said the listing is in recognition that Zambians are important stakeholders of First Quantum and creates another way for Zambians to identify with and participate in the growth of the company.
And THERE was impressive activity on the Lusaka Stock Exchange (LuSE) last week with turnover sky-rocketing to a massive K25 billion from the previous week’s K8.7 billion.
According to LuSE Weekly News for July 15, 2011, a total of 9, 558,050 were transacted in 182 trades, yielding a total turnover of K25 billion.
This is compared to 2,747,950 shares that were transacted in 64 trades yielding over K8.7 billion.
LuSE attributed the highest volume to trades in Shoprite shares amounting to 4,248,189 shares worth K17 billion.
Overall trading activity occurred in 15 listed stocks namely; BP Zambia, Cavmont Chartered Holding Zambia, Copperbelt Energy Corporation, Lafarge Cement Zambia, Farmers House, Investrust, Standard Chartered Bank Zambia, Zambeef Products and Zamefa.
Trading activity also occurred in Zambian Breweries, Zanaco Bank, Zambia Sugar, African Explosives Limited Zambia and BATA Shoe Company.
LuSE indicates that the all-share index closed at 3,931.47 points down by negative 1.45 percent from 3,989.43 points over the previous week ending July 8, 2011.
On year-to-date in Kwacha terms, the index which measures performance of stocks on the stock market rose by 18.99 percent. The stock exchange also recorded 2,450,139 rights worth K247,014 in Investrust letters of allotment.
Labels: CEASER SIWALE, FIRST QUANTUM MINING, LUSE, PANGAEA RENAISSANCE SECURITIES
Read more...
Zain’s strong subscriber base pushes up profits
Written by Chiwoyu Sinyangwe
Monday, August 31, 2009 3:42:50 PM
ZAIN Zambia’s 20 per cent growth in revenueduring the first half of this year was driven by an increase in subscriber base which grew to 2.82 million, investment analysts Pangaea Renaissance have observed.
Commenting on the half-year results which indicated that the revenue earnings for the country’s biggest mobile phone company had grown to K653,199 million compared with K543, 611 million gained during the same period last year, Pangaea Renaissance stated that revenues on a gross basis were one per cent ahead the Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) margin of 44.3 per cent, which was in line with the 48 per cent targeted on the net basis.
Pangaea Renaissance Zambia was the sponsoring broker for Celtel (Zain)’s listing on the Lusaka Stock Exchange (LuSE).
According to the analysis made by Pangaea Capital’s head of Telecommunications, Transport and Infrastructure and Equity Research, Ivan Kim, Zain Zambia seemed to be holding up fairly well against the major competitors – MTN Zambia – despite losing four points on a year review.
Kim, however, stated that the increase in subscribers had slowed to six per cent in the first half of this year compared to 16 per cent growth recorded last year.
“The net income of K124 billion is 1.5 per cent ahead. Overall, the numbers are slightly better versus our forecasts which should be neutral given that the preliminary numbers were already out and do not differ materially from these,” Kim stated. “However, we think the market missed preliminary numbers issued by Zain Group and these numbers, issued by Zain Zambia, could be somewhat positive…the slower penetration growth for the first half of this year was due to economic contraction which impacted average revenue per unit (ARPU) as well. We understand the major impact on ARPU is from economic slowdown rather than pricing which remains quite stable.”
Kim also observed that the decrease in operating income before depreciation and amortisation (OIBDA) margin by 2.5 points on year-on-year basis was primarily due to increased administrative costs which increased by 28 per cent, the rise largely attributed to the transition to Zain brand from Celtel.
“However, we believe the economic position of Zambia is likely to improve in the second half of this year, reflecting the surge in copper prices in recent months as well as incremental International Monetary Fund [IMF] support and renewed foreign portfolio investment,” stated Kim. “Zain Zambia holds pretty well against competition… although the risk is the potential privatisation of Zamtel.”
Labels: ITC, PANGAEA RENAISSANCE SECURITIES, ZAIN ZAMBIA LIMITED PLC
Read more...
Renaissance explain kwacha depreciation
Written by Chiwoyu Sinyangwe
Tuesday, April 28, 2009 3:48:45 PM
THE lag in the currency and trade balance adjustments delays the kwacha from benefiting from any immediate upturn in international copper prices, according to Renaissance capital.
And Finance Bank has observed that the local currency is yet to respond to the recent improvement in world economic outlook which has seen a rally in global markets and commodity prices.
Meanwhile, the kwacha went on to close the week at K5, 640 and K5, 660 levels, appreciating by about 0.7 per cent last week.
Renaissance Capital, which is Pangaea Renaissance Securities Limited’s parent company, has predicted that the impact of the current rebound in international copper prices on the local currency would only be felt after June this year.
The investment advisors explained that expectation in the country was that the kwacha should recover back given the increase in copper prices but there seemed to be a two to three month lag to volumes mined and shipped out to the copper prices, stating that this resulted in delayed impact on the local currency.
“Nobody knows for sure what the future holds or if it is only copper prices that influence the exchange rate but based on past trends, this has been the correlation between the kwacha and Copper prices,” explained Pangaea Renaissance Securities.
And according to the Finance Bank weekly Treasury Market update, copper prices have this year gone up by about 40 per cent, although that price movement was yet to impact on the performance of the local currency.
“This week, we expect a stable to bullish kwacha as the month comes to a close with the resultant corporate conversions for month end obligations,” stated Finance Bank.
Labels: INFLATION, KWACHA, PANGAEA RENAISSANCE SECURITIES
Read more...
Onexim investment in Pangaea to boost capital availability in mining
Written by Chiwoyu Sinyangwe
Saturday, October 25, 2008 10:12:47 PM
PANGAEA Renaissance
Securities Limited managing director Ceasar Siwale has said the investment by Onexim into Renaissance Capital would help accelerate the availability of capital for Zambian entrepreneurs into the mining sector.
In an interview, Siwale said Onexim’s investment would enable Renaissance Capital to have an increased access to much larger and liquid balance sheet for transactions that could not secure financing for within the Group.
He also said Onexim was a successful name in natural resources sector.
Renaissance Capital is a member of Renaissance Group which operates in the country as Pangaea Renaissance Securities Limited and last week’s deal with Onexim is estimated to be around US$500 million.
“As you know, there are a number of Zambian entrepreneurs that own mining prospecting licences but have not always had access to capital. Onexim has been a success in the natural resource sector. As such it enhances our mining credentials and brings access to the necessary capital required to invest in such opportunities,” Siwale said. “I truly believe that this is the type of development that the African continent needs if we are to continue uplifting the quality of life for our people.”
Siwale also added the investment by Onexim into Renaissance Capital had no direct impact on the daily operations of Pangaea Renaissance.
And commenting on the deal, Renaissance Group chief executive officer and chairman Steven Jennings said the partnership with Onexim only related to Renaissance Capital and other parts of the Renaissance Group were not involved in the transaction.
He, however, said the transaction was not as a result of the current global financial turmoil.
Labels: CEASER SIWALE, FINANCING, MINING, ONEXIM, PANGAEA RENAISSANCE SECURITIES
Read more...
Onexim investment in Pangaea to boost capital availability in mining
By Chiwoyu Sinyangwe
Thursday October 02, 2008 [04:00]
PANGAEA Renaissance Securities Limited managing director Ceasar Siwale has said the investment by Onexim into Renaissance Capital would help accelerate the availability of capital for Zambian entrepreneurs into the mining sector.
In an interview, Siwale said Onexim’s investment would enable Renaissance Capital to have an increased access to much larger and liquid balance sheet for transactions that could not secure financing for within the Group.
He also said Onexim was a successful name in natural resources sector.
Renaissance Capital is a member of Renaissance Group which operates in the country as Pangaea Renaissance Securities Limited and last week’s deal with Onexim is estimated to be around US$500 million.
“As you know, there are a number of Zambian entrepreneurs that own mining prospecting licences but have not always had access to capital. Onexim has been a success in the natural resource sector. As such it enhances our mining credentials and brings access to the necessary capital required to invest in such opportunities,” Siwale said. “I truly believe that this is the type of development that the African continent needs if we are to continue uplifting the quality of life for our people.”
Siwale also added the investment by Onexim into Renaissance Capital had no direct impact on the daily operations of Pangaea Renaissance.
And commenting on the deal, Renaissance Group chief executive officer and chairman Steven Jennings said the partnership with Onexim only related to Renaissance Capital and other parts of the Renaissance Group were not involved in the transaction.
He, however, said the transaction was not as a result of the current global financial turmoil.
Labels: CEASER SIWALE, ONEXIM, PANGAEA RENAISSANCE SECURITIES
Read more...
