Economy

NAPSA BECOMES MAJORITY SHAREHOLDER IN ZAMBIA INDUSTRIAL COMMERCIAL BANK

Lusaka ~ Wed, 12 May 2021

By Brightwell Chabusha

The National Pensions Scheme Authority (NAPSA) has increased its equity stake in Zambia Industrial Commercial Bank (ZICB) from 15.83% to 65%.

This follows NAPSA’s participation in a Rights Issue at a nominal price of K1per share and upon obtaining the requisite regulatory approvals.

According to a statement issued by the Authority’s Head Cooperate Affairs Cephas Sinyangwe, the capital raised by ZICB through the transaction will strengthen its capital position and improve its cash flows.

“The National Pensions Scheme Authority (NAPSA) is pleased to announce that it has increased stake in Zambia Industrial Commercial Bank (ZICB) following participation in a Rights Issue at a nominal price of K1per share and upon obtaining the requisite regulatory approvals,” read the statement.

“As a result of this transaction, NAPSA through its Special Purpose Vehicle, NAPSA Investment Holdings Company Limited, has increased its equity stake in ZICB from 15.83% to 65%. The capital raised by ZICB through the transaction will strengthen its capital position and improve its cash flows.”

Meanwhile, NAPSA Director General Yollard Kachinda is elated that NAPSA is part of ZICB’s transformation through capital injection.

“We are pleased to be party of the transformation of the Zambian Industrial Commercial Bank through this capital injection. This injection is aimed at building capacity for market competitiveness, achieving operational efficiencies and realigning the strategic direction of the Bank to facilitate growth in the SME sector in the country which has remained untapped,” he said.

Comments are closed.