ZAMBIAN BREWERIES TO OFFER MORE SHARES.

Author:Sakala, Wilcliff
Position:Brief Article
 
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Zambian Breweries is increasing its publicly held shares from 10% to 25% of ownership. This is intended to increase local participation in the firm and make the present ownership more meaningful. Zambian Breweries, privatised in 1994, first offered shares when it listed on the Lusaka Stock Exchange in 1997. The firm was bought by South African Breweries, who hold 90% equity. Last year, Zambian Breweries successfully held a rights issue, the first on the local bourse, in which the company raised $9.22m. The issue was floated to finance the purchase of Northern Breweries, setting a precedent for future capital raising exercises on the exchange.

The European Union is contributing 3m Euros (about K8.6bn) towards the rehabilitation of Zambia's sole and strategic Mpulungu port. The funds will be used to construct a redesigned network of roads and storage areas, security fencing, harbour sheds, customs facilities and workshops, and to reinforce the quay surface, upgrade navigational aids, install adequate water and electricity supplies and finance the purchase of cargo handling equipment.

Finance Minster Katele Kalumba said the money would help to improve the...

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