State owned insurance company has announced that it will appoint an advisor for its initial purchase offer (IPO) before the end of Q1:19. Zambia State Insurance Corporation – ZSIC Managing Director Christabel Banda confirmed this in an interview. Banda did not disclose the names of the possible advisors but however advised further that internal assessments were ongoing to determine how many shares will be floated on the local bourse this year.
ZSIC is one of the two SOE’s after Zaffico, that have been earmarked for listing to not only aid operational efficiency but ease fiscal pressure on the MinFin through capitalization of entities that are in essence expected to be self sustainable. SOE listing will also assist the state shore up its non tax revenue base to assist cushion its fiscal needs.
A successful addition of ZSIC to the LuSE equity scoreboard this year, will increase the number of tradable stocks to 24.