The Lusaka Stock Exchange (LuSE) and Zambia Agricultural Commodities Exchange (ZAMACE) have signed a Memorandum of Understanding (MoU) intended to define the roles and responsibilities of each party following the acquisition of as much as a majority interest in ZAMACE by the LuSE and the resulting restructuring of ZAMACE.
The MOU is intended to establish the collaboration between the exchanges and stakeholders before, during and after the proposed acquisition, which remains subject to mutual Board approval on the basis of full disclosure of all pertinent information by each party to the other under appropriate terms of confidentiality.
The LuSe and ZAMACE issued a joint public statement to announce the proposed acquisition and to stimulate interest by stakeholders in the final product.
ZAMACE Limited was incorporated on 31th May 2007 as a private limited liability company and, in 2011, the ZAMACE Board approved a plan to demutualize and recapitalize the Exchange, which required ZAMACE to invite new equity partners to recapitalize the Exchange with the LuSE later being identified as a potential suitable equity partner with an interest in taking up equity.
