8 January 2016

Zambia: Govt Transfers 32 Parastatals' Shares

Government has completed the transfer of shares and assets involving 32 of the 34 State-owned Enterprises (SOEs) to the Industrial Development Corporation (IDC).

IDC was incorporated in 2014 as an investment holding company of the Government and was actualised to full operations by President Edgar Lungu, who is currently the chairperson.

Chief executive officer Andrew Chipwende said the Government had completed the transfer of shares and assets for 32 SOEs to the IDC to be used as seed capital for the entity.

"About 32 shares of the 34 SOEs have so far been completed except for Mofed Tanzania Limited and Mofed London because they were incorporated outside Zambia. The process has taken some time but it will happen in due course," Mr Chipwende said.

Some of the companies whose transfers have been concluded are Zesco, Lusaka South Multi-Facility Economic Zone (LS-MFEZ), Times Printpak Zambia Limited, Indeni Petroleum Refinery, Zambia Daily Mail and Zambia Railways Limited.

Others are Nitrogen Chemicals of Zambia (NCZ), ZCCM-Investment Holdings (ZCCM-IH), Zamtel, Zambia Forest and Forestry Industries Corporation (ZAFFICO), and shares in Indo-Zambia Bank and Zanaco, among others.

Mr Chipwende said the transfer of SOEs' shares was in line with Cabinet's directive to move the assets to the IDC which were incorporated under the Banking and Financial Services Act.

He said the IDC would not be funded by Government because it had been created as a vehicle to drive industrial development.

Mr Chipwende said the Government, through President Lungu, had made it clear that without industries there would be no employment and wealth creation.

"Following his announcement to Parliament, the issue was tabled by Cabinet which approved the setting up of IDC with creation of the Solvent Wealth Fund and these are two very critical policies of the Government," Mr Chipwende said.

He said the President had been instrumental in implementing the industrialisation strategy.

The IDC was created to drive industrialisation, promote economic diversification and create wealth as well as generate employment for the people of Zambia.

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