In a move towards economic independence and in compliance with Lusaka Stock Exchange (LuSE) requirements, the Government of Zambia is set to reduce its shareholding in the Zambia Consolidated Copper Mines Investment Holding (LUSE:ZCCM) from 87% to 60%.
According to reports, in order to facilitate wider ownership, the Zambia Securities and Exchange Commission (SEC) has been directed to verify that no shareholder listed on the LuSE holds more than 75% of a company on the bourse.
Speaking at the recent 2015 National Budget to Parliament, Zambia Finance Minister Alexander Chikwanda indicated that at the LuSE regulations will work to facilitate increased citizen participation in Zambia capital markets, as indicated by the sale of the Government’s 27% shares to Zambian citizens.
Hon. Chikwanda went on to indicate that trading activity on the LuSE has increased over the last year, which indicates an improvement in the position and participation of investors on the bourse.
In addition to LuSE, the Zambia Consolidated Copper Mines Investment Holding is also listed at the London Stock Exchange (LSE:ZCC) and on Euronext in Paris (EPA: MLZAM).