The Zambia Youths in fight against corruption hails the move by the government through IDC to list or float an agreed Share Stake in ZAFFICO on the Stock Exchange Market.
Organization Executive Director Maurice Malambo is of the view that this is a viable option of capital mobilization for ZAFFICO and any other as opposed to out rightly acquiring debt to capitalize parastatal investment resulting into an increase in the debt portfolio of the country.
Mr. Malambo guides that the floating or listing of an agreed amount of Shares in ZAFFICO on the Stock Exchange Market is not a sale of this national investment.
“In fact, it is also an opportunity for the ordinary Zambian people to acquire directly part ownership of ZAFFICO by buying shares in the Corporation and making the investment viable after capitalization,” said Mr. Malambo.
Mr. Malambo has also emphasized that it is not possible to sell any statutory organization like a commodity on any market without adherence to the process prescribed by the law.
“For instance, ZNBC is a creation of an Act of Parliament, therefore, its sell demands prior Cabinet and Parliamentary approval. The truth about ZNBC is that the Cabinet around 2014 approved the decision to acquire a loan to facilitate digital migration, a global agenda or requirement in broadcasting, as such, it is a non-optional expenditure. It was therefore a prudent decision for government to finance the digital migration through Public-Private partnership (PPP) arrangement in order to avoid the digital migration financing (Loan) to constitute the country’s traditional debt portfolio by converting the loan into stock capital in a Joint Venture called Top Star represent 60% shares to Star Times of China,” he explained.
He further explains that the loan or stock capital to Star Times is limited to 60% of Shares in Top star and the remaining 40% to ZNBC, implying that Star Times has no stake of any nature in ZNBC or any other public broadcasting institution in Zambia.