ZCCM Investments Holdings (ZCCM-IH), Zambia’s mining and […]

ZCCM Investments Holdings (ZCCM-IH), Zambia’s mining and investment firm, has appointed London-based corporate advisory firm Bowsprit Partners as its financial adviser and corporate broker in the United Kingdom, for the London Stock Exchange listing.

The move is believed to be part of ZCCM-IH’s broader strategy to expand its global footprint and increase its market capitalisation from the current $1.4 billion to an ambitious $7 billion over the next decade. However, some stakeholders believe the company should focus more on deepening local ownership.

 In an interview with the Zambian Business Times (ZBT), Joseph Mwansa, a mining expert and President of the Federation of Small-Scale Mining Associations of Zambia (FSSMAZ), questioned ZCCM-IH’s strategic priorities. “I don’t know which strategy plan they are using. For them to come up with a strategy, they might have sat down and gone through all the processes to see what can work for Zambia. Looking at how other countries like China develop, they should have given more opportunities to Zambians to buy shares,” Mwansa said.

Mwansa argued that increasing Zambian participation on the Lusaka Securities Exchange (LuSE) would help grow the local economy. “If you want to grow the country, why not trust your own people? Opening up to Zambians to buy more shares would mean that revenues from exports remain within the country, directly benefiting the local population,” he added.

 When asked about the main beneficiaries of ZCCM-IH’s latest initiative, Mwansa expressed concern that foreign investors would reap the greatest rewards. “The biggest beneficiaries are foreign investors who will be investing in ZCCM-IH. When profits are distributed, the money goes abroad. What remains in Zambia is minimal,” he observed.

 Mwansa also suggested that Zambia, and Africa more broadly, often hesitates to try innovative approaches. “We always fear to try something new because if it doesn’t work, it’s seen as a big loss. But trying new strategies could significantly improve standards for our people.” He concluded. Man loses K175,000 vehicle after giving stranger a lift.

Article by Tyndale Muchiya