ZAPTF Public Floatation Rescheduled To July
LUSAKA, May 27 - The public floatation of the Zambia Privatisation Trust Fund (ZPTF)'s 18 per cent shareholding in Metal Fabricators of Zambia (ZAMEFA) has been rescheduled to July 2004.
A release issued by advisors to ZPTF, Stanbic Bank Zambia Limited, and Lantana Communications Limited, the public relations agents for ZPTF, says the offer was originally to have been made to the Zambian public in April and May.
The ZPTF is offering its 18 per cent shareholding in ZAMEFA, totalling 48,762,000 shares to the public.
The offer precedes the ZAMEFA listing on the Lusaka Stock Exchange (LuSE).
The floatation, which is scheduled to commence on July 7, will run for more than three weeks, closing on July 30 and will be open to all Zambia citizens and eligible Zambian institutions.
"Upon conclusion of this offer, the company will be listed on the LuSE and trading is expected to commence on or about September 1, 2004," the release states.
ZAMEFA is currently one of the largest non-traditional export earning companies with earnings for 2003 grossing US $28 million.
It is the largest manufacturer of wire and cable in the Southern African region outside South Africa and the only manufacturer of copper wire cables in Zambia.
Phelps Dodge International Corporation, a subsidiary of one of the world's largest producers of continuous cast copper rods is the majority shareholder in ZAMEFA, whose major export markets are found in Europe, Central America, Asia, the Far East, and East and Southern Africa
By Kingsley Kaswende
Source: The Post / allAfrica Global Media