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[2007-10-26] CAZ requests Celtel to list 41% shares THE Communications Authority of Zambia (CAZ) has caused Celtel Zambia Plc delay to list on the Lusaka Stock Exchange (LuSE) because it has insisted that the mobile service provider floats 41 per cent shares instead of 20 per cent.
Initially, Celtel Zambia Plc shares were expected to be floated in the third quarter but have stalled because CAZ insisted that it floats 41 per cent on the LuSE as by the agreement.
Securities and Exchange Commission (SEC) chief executive officer, Clement Sichembe said in a paper he presented at a meeting in Lusaka.
Mr Sichembe however said discussion with Celtel Zambia on the possibility of listing 41 per cent shares on the exchange had resumed after talks stalled.
He anticipated that the Initial Public Offer (IPO) for the company would be carried during the first half of 2008.
Mr Sichembe also said that a block of 26 per cent shares in Copperbelt Energy Corporation (CEC) had been placed in the LuSE Central Securities Depository (CSD) in readiness for IPO.
He said that Stock Broker Zambia Limited was in the process to finalise the draft prospects in respect of an offer for sale by the Zambian Energy Corporation (ZAMEN) of 20 per cent shares in CEC to the public and six per cent for employees under the employee ownership scheme.
The expected public flotation and listing of shares would be in next month.
Other companies expected to be listed on LuSE include Zambia National Commercial Bank (ZNCB), which is expected to float 25.8 per cent Government shares to the public following the Zambia Privatisation Trust Fund trustees’ approval.
ZNCB’s IPO is expected in the first quarter of next year.
