LUSAKA, Oct. 27 (Xinhua) -- The Zambian government on Friday officially announced its plan to sell 17.3 percent of its shares in a mining conglomerate to the general public.
Minister of Finance Felix Mutati said the government has decided to sell some of its shares in the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH), a state-controlled mine holding company, in compliance to requirements of the local bourse.
In 2015, the government announced its intention to sell some of the shares in the mining conglomerate to the public.
He said in a ministerial statement in parliament that the Lusaka Stock Exchange (LuSE) requires that no single shareholder in a company listed on the bourse should hold more than 70 percent shares.
The Zambian minister however said the government will remain the biggest shareholder in the conglomerate even after selling off the shares.
According to him, the funds raised from selling the shares to the public will be invested in other areas of the economy such as infrastructure.
In 2015, the state-run pension firm, National Pension Scheme Authority (NAPSA), purchased 15.8 percent shares in ZCCM-IH.
The government has embarked on a plan to reduce its stake in ZCCM-IH from 87.5 percent to 60 percent.
