Message Jeu 10 Sep 2015 08:13

Lungu orders transfer of government shares in parastatals to

THE government has transferred shares in 29 out of 33 State- Owned Enterprises (SOEs) from the Minister of Finance to the Industrial Development Corporation (IDC).

According to State House press aide Amos Chanda, President Edgar Lungu, the chairperson of the IDC, directed the transfer.

“The enterprises to be superintended and owned by the IDC are Afrox Zambia PLC, ESCO Limited, Indeni Petroleum Refinery, Indo-Zambia Bank Limited, Kagem Mining Limited, Kariba Minerals Limited, Lusaka South Multi- Facility Economic Zone Limited, Lusaka Trust Hospital, Medical Stores Limited,” Chanda stated.

“Others are Mpulungu Harbour Limited, Mukuba Hotel Limited, Mulungushi Village Limited, Mupepetwe Development Company, Nanga Farms, Nitrogen Chemicals of Zambia Limited, Zambia Daily Mail, Zesco Limited, ZAMTEL Limited, ZAFFICO Limited, Zambia International Trade Fair Limited, Zambia Printing Company Limited, Zambia Educational Publishing House, Zambia China Mulungushi Joint Venture, Zamcapital Enterprises Limited, Zambia Railways Limited, Times Printpak Zambia, ZSIC Group Limited, ZANACO PLC and ZCCM-IH.”

Chanda stated that the transfers were yet to be completed for MOFED London, MOFED Tanzania, Mulungushi International Conference Limited and NIEC Business School Trust.

“The Head of State says following the share transfer, all line ministries will now focus on policymaking, thereby giving IDC direct mandate and authorisation on behalf of GRZ to oversee performance and accountability of these SOEs. IDC’s oversights responsibilities include all aspects of governance, commercial, financing, operational and all matters incidental to the interests of the state as shareholder,” Chanda stated.

“President Lungu says these SOEs will from 2016 onwards no longer receive funding from the national budget and therefore reduce the burden on the Treasury whilst freeing up the available scarce resources towards poverty alleviation programmes. His Excellency the President says the IDC will work to maximise the value of GRZ shareholding and ensure SOEs contribute to the Sovereign Wealth Fund (SWF), which will focus on stimulating investment in strategic non-mining industries and increasing exports.”

Chanda stated that the IDC was a tool to enhance domestic capital formation, wealth creation and preservation by focusing on exploiting the country’s advantages in natural resources and actively developing industries and enterprises to create jobs for the people.

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