Lun 4 Juil 2011 21:16
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By Chiwoyu Sinyangwe
Mon 04 July 2011, 19:00 CAT [46 Reads, 0 Comment(s)] Text size Print
FIRST Quantum’s planned maiden listing on the local bourse has been delayed by a week, a move Lusaka Stock Exchange chief executive officer Beatrice Nkanza says will help many Zambians to participate in the transaction.
In an interview yesterday, Nkanza said the extension provided an opportunity for Zambians who felt left out to be part of the transaction.
A notice sent to the market by sponsoring brokers, Pangaea Renaissance stated that the allocation of Zambia depository receipts will be on July 11 while the first date of listing and trading on LuSE will be on July 15 from the initial July 6.
“With this extension, Zambians should go through the doors of their brokers and get the depository receipts,” Nkanza said.
FQM, in a statement issued by its president Clive Newall, had said it deliberately targeted sophisticated investors such as pension and fund managers to protect those people for whom investment in relatively high-risk equities was inappropriate.
“We deliberately targeted sophisticated investors such as pension and fund managers to protect those people for whom investment in relatively high-risk equities is inappropriate,” stated Newall. “Ordinary Zambians will participate in First Quantum’s listing on LuSE through the participation of Zambia’s pension and investment funds.”
And Nkanza also said current positive economic dynamics favoured a strong performance of First Quantum’s share once it hits the local bourse.
She said the labour environment in the local mining sector was calm and metal prices on the international market were currently at an all-time high.
“They First Quantum Minerals have been paying high taxes and
declaring dividends,” said Nkanza. “…so, when you put that in prospects, it follows that the share should do rather well.”
Apart from Kansanshi Copper and Gold Mine, First Quantum, Zambia’s biggest copper and gold mine by output, is poised to build a US $1 billion Trident Mine in Solwezi which would become Zambia’s largest single mine with production capacity of 300,000 tonnes of copper per year.
Some stakeholders recently complained that ordinary Zambians were not likely to benefit from listing of the 40 million shares of First Quantum Minerals as the K50 million was too “pricey”.
Nkanza said Madison Asset Management Company had introduced Madison unit trusts, an investment vehicle that would allow Zambian individual investors with less than K50 million to participate in the First Quantum listing.
To participate in the Madison Unit Trusts, one should have a minimum of K500, 000.