Zambians urged to own shares in public entities

Secretary to the Treasury Fredson Yamba has urged Zambians to play a more effective role in managing and running state owned entities in the country.

Mr. Yamba said there was need for state owned entities to list on the Lusaka Stock Exchange (LuSE) so as to give citizens an opportunity to own shares and consequently benefit from capital gains and dividends from these entities.

He said in a speech read for him by Director of Budgets Mike Masiye at a consultative workshop for state owned enterprises that are being quoted on the Zambian capital markets.

He said listing on the stock exchange market will not only benefit citizens but also state owned entities themselves because most of them were embarking on massive projects that will require large amounts of capital to take off and complete.

Mr. Yamba said getting quoted on the exchange market will accord state owned entities an opportunity to raise the much needed capital to fund their projects adding that this will also help them raise their public profile with their clients, investors and the media.

He further observed that state owned entities have the potential to be transformed into globally recognised competitive institutions.

He expressed happiness at state owned entities which were choosing new sources of funding other than banks.

And Securities and Exchanges Commission Chief Executive Officer (CEO) Wala Chabala has commended government for looking at alternative ways of growing and sustaining the economy of the country.

Dr. Chabala said the zeal and impetus that government has shown in growing the economy will certainly score a different result especially that the country has been known to do the same things for over 40 years with the same results.

He cited the rebasing of the Kwacha and the Bank of Zambia amendment bill as among the initiatives that were likely to yield different results for the benefit of the economy.

Dr. Wala has since called on government and cooperating partners to continue being creative and looking at other ways of having a greater impact on the economy to achieve development for the majority of citizens of Zambia.