In 2019, the Zambian government announced plans […]

In 2019, the Zambian government announced plans to list ZSIC Life on the Lusaka Securities Exchange (LuSE) in a bid to promote wider public participation and strengthen corporate governance within the StateOwned Enterprise (SOE) sector.

 ZSIC Life was named alongside ZAFFICO as a key candidate for listing. However, seven years later, the life insurer has yet to appear on the local bourse, despite repeated assurances and several revised timelines.

Industrial Development Corporation (IDC) Public Relations Officer Namakau Mukelebai told the Zambian Business Times (ZBT) in 2020 that the listing was part of IDC’s broader strategic plan for ZSIC Life.

“The strategic intent is to have ZSIC Life listed on the main board of the Lusaka Securities Exchange as soon as market conditions allow, because this is consistent with our aspirations for wider public participation in profitable public enterprises,” she said at the time.

 The IDC initially cited COVID-19 travel restrictions as the reason for the delay, yet maintained that the listing remained a priority. ZSIC Life subsequently postponed its initial public offer (IPO), targeting a 2022 listing.

By 2023, however, no clear timeline had been communicated, and the process was pushed further to 2025.

Now, in 2026, the long-promised listing has still not materialized, raising questions about the persistent delays and the underlying factors impeding progress, especially given the potential benefits for public participation and improved corporate governance.

Market analysts note that listing SOEs on LuSE is vital for enhancing access to capital, transparency, and accountability, key drivers for the development of Zambia’s capital market.

The continued postponement of ZSIC Life’s listing is therefore seen as a setback for these broader market objectives. Efforts by ZBT to obtain an update from ZSIC Life were still underway by press time.

Article by   Philip Sinkala