The Securities and Exchange Commission has approved the registration of Zambia Forestry and Forest Industries Corporation shares.

Announcing the development, Zambia Forestry and Forest Industries Corporation Board Chairperson Anne Kunda, said the Initial Public Offer, opened on 11th December 2019 will involve offering ordinary shares in ZAFFICO to Zambian individuals and institutions, and is scheduled to close on 21 January 2020.
Ms Kunda say’s following the close of the Initial Public Offer and subject to meeting the minimum listing requirements, the Lusaka Securities Exchange has approved the listing of those ordinary shares on the Exchange.

“The Initial Public Offer and subsequent listing of ZAFFICO on Lusaka Stock Exchange will accord Zambian individuals and institutions an opportunity to participate in the potential growth and strategic direction of the company which is involved in the establishment, management and sale of exotic wood species Ms Kunda said.

She says through the offer of shares to the public in the company, ZAFFICO has taken the first and important step toward increasing public ownership of the company while at the same time raising capital to provide the company support for its forest plantation expansion programme.

“It gives me great pleasure to confirm that the Initial Public Offer and official listing of ZAFFICO shares on the exchange was approved by the Securities Exchange Commissioner and Lusaka Securities Exchange, respectively” She said.

“The IPO opened on 11 December 2019 and will close on 21 January 2020. This is also a positive step toward further building the equity capital market in Zambia. The offer of shares is restricted to Zambian individuals and institutions only”.

She further applauded government, regulators, and stakeholders for the continued support as well as the staff and management of ZAFFICO who have worked tirelessly to make the achievement possible.