Madison Financial Services PLC has announced the listing of 40% of its shares on the Lusaka Stock Exchange (LuSE) through an Initial Public Offering (IPO) that will close on August 1, 2014.
In a recent media briefing in Lusaka, Lawrence Sikutwa, Executive Chairman of Lawrenece Sikutwa and Associates Limited (LSA), indicated that the listing of Madison Financial Services on the LuSE would both strengthen the company’s market share and increase its overall customer base.
“The IPO will help broaden the shareholding of the Group to meet the requirements of the Bank of Zambia to enable the Group’s microfinance company Madison Finance Company Limited to activate its deposit taking license,” said Mr. Sikutwa, “and this will also help promote and strengthen the capital market.”
Established in 2007, the Madison Financial Services PLC is a subsidiary of the LSA Group and is the holding company of the financial services Group of Companies in Zambia.
The LSA Group currently holds 80.5 percent in MFS Plc and the International Finance Corporation Limited (IFC), the private sector arm of the World Bank holds the remaining 19.5 percent.
There are currently 23 companies listed at LuSE for a total market capitalisation of ZMW 62,320 million.