First Quantum Mineral lists today on LuSE

[bingogo]

TIME PUBLISHED - Wednesday, July 20, 2011, 5:18 am


FIRST Quantum Minerals’ Zambian Depositary Receipts (ZDRs) are expected to be listed and admitted to trading on the Lusaka Stock Exchange (LuSE) today, the mining company has said.

The company says the ZDRs will trade on the LuSE under the symbol FQMZ (ISIN ZM0000000375), according to a statement issued by the company and availed to the Mail yesterday.

“Further to prior announcements, Renaissance Capital and First Quantum Minerals (FQM) Limited are pleased to confirm that following closure of the offer period, First Quantum’s Zambian Depositary Receipts will be listed and admitted to trading on the Lusaka Stock Exchange from 09:00 on Wednesday July 20, 2011.”

“Each ZDR will represent interests in First Quantum’s underlying Common Shares (TSX: FM). An allotment announcement with full details of the listing will be published prior to listing,” the company said.

LuSE chief executive officer Beatrice Nkanza hailed First Quantum for becoming the first mining company to issue shares on the local stock exchange, adding that the listing avails Zambians the opportunity to invest directly in the company.

“The capital market is very excited about this development and establishes the LuSE as a prime listing destination for multinational mining companies operating in the region,” she said.

Commenting on the listing, Pangaea Renaissance Securities Limited chief executive officer Ceaser Siwale said, “The First Quantum listing has been very well received by Zambian investors, and we at Renaissance Capital are delighted to have worked with First Quantum to bring this landmark transaction to the Zambian market.”

Renaissance Securities are the book runners for FQM.

FQM resident director Kwalela Lamaswala said the listing is in recognition that Zambians are important stakeholders of First Quantum and creates another way for Zambians to identify with and participate in the growth of the company.

And THERE was impressive activity on the Lusaka Stock Exchange (LuSE) last week with turnover sky-rocketing to a massive K25 billion from the previous week’s K8.7 billion.

According to LuSE Weekly News for July 15, 2011, a total of 9, 558,050 were transacted in 182 trades, yielding a total turnover of K25 billion.

This is compared to 2,747,950 shares that were transacted in 64 trades yielding over K8.7 billion.

LuSE attributed the highest volume to trades in Shoprite shares amounting to 4,248,189 shares worth K17 billion.

Overall trading activity occurred in 15 listed stocks namely; BP Zambia, Cavmont Chartered Holding Zambia, Copperbelt Energy Corporation, Lafarge Cement Zambia, Farmers House, Investrust, Standard Chartered Bank Zambia, Zambeef Products and Zamefa.

Trading activity also occurred in Zambian Breweries, Zanaco Bank, Zambia Sugar, African Explosives Limited Zambia and BATA Shoe Company.

LuSE indicates that the all-share index closed at 3,931.47 points down by negative 1.45 percent from 3,989.43 points over the previous week ending July 8, 2011.

On year-to-date in Kwacha terms, the index which measures performance of stocks on the stock market rose by 18.99 percent. The stock exchange also recorded 2,450,139 rights worth K247,014 in Investrust letters of allotment.