The Lusaka Securities Exchange – LuSE which has lately faced difficulties attracting new major listings has been gifted with two new listings for 2019.
Finance Minister, Magerate Mwanakatwe announced during her budget presentation on 28 September that ZSIC Life Limited and the Zambia Forestry and Forest Industries Corporation will be listed on the Lusaka Securities Exchange in 2019.
The ZCIS Life Limited was incorporated in April 2008 and licensed in December 2008 by the pensions and insurance Authority as Pension Fund Manager, pension Scheme Administrator and Insurer to transact Long term insurance buisness.
On the other hand, Zambia Forestry and Forest Industries Corporation Limited (ZAFFICO) was incorporated in 1982 for the purpose of developing and maintaining of pine and eucalyptus plantations and for the harvesting and commercial processing of timber to supply timber to the local and foreign market.
LuSE opened its doors for business on 21st February 1994. The establishment of the Lusaka Securities Exchange was part of government’s broader economic reforms aimed at stimulating a dynamic private sector to be the primary engine for economic growth in Zambia.
LuSE was also motivated by the need to create a platform for raising capital, to deepen awareness and understanding of financial and capital markets in support of the emerging private sector as well as improve corporate governance due to more stringent reporting requirements.