Economy

Zanaco declares K9.2m dividend to IDC

Zanaco Plc has declared a K9.2 million dividend to its shareholder, the Industrial Development Corporation (IDC) for the financial year ended December 31, 2018.

Speaking before presenting the dividend cheque, Zanaco chief executive officer Henk Mulder said liquidity and profitability were some of the core values of the bank.

He said the bank was a Zambian financial institution and would strive to remain profitable so that it continues to declare dividends to shareholders.

At the same occasion, Zanaco board vice-chairperson Hastings Mtine said the bank would continue to grow shareholder investments to result in higher returns in future.

IDC Group chief executive officer Mateyo Kaluba said the transformation process being implemented at Zanaco was now yielding positive results.

He said IDC was happy to receive the dividends that had increased from last year’s K1.2 million.

Kaluba said the bank’s strong performance also demonstrated that it had a competent team that understands the challenges faced in the country’s economy.

He said the funds would be invested in various projects such as fruit processing in Eastern and North-Western provinces, Kawambwa Tea in Luapula and Cashew nut growing in Western Province.

IDC holds a 25 per cent stake in Zanaco Plc.

3 Comments

  1. abilima

    Is this all ZANACO can declare to Govt as dividend? And the IDC Director is happy with this meagre dividend at 25% holding for such a huge financial house, and this is for a financial year not a Quarter? Show your relevance IDC, the Govt needs cash – otherwise it is time to think of placing IDC as a Department under MOF.

  2. Gift h kauta

    Hmmm

  3. Christopher CJ Mutambo

    I like the IDC investment plan.
    #Jobcreation
    #Develoment

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