FINANCE minister Bwalya Ng’andu has urged the Securities and Exchange Commission (SEC) to make it easier for companies to list on the Lusaka Stock Exchange.
Officiating at the listing of Forest and Forestry Industries Company (ZAFFICO), Dr Ng’andu said securities market should be a platform for the private sector to raise cheaper capital.
“For my colleagues at the Securities Exchange Commission and the Lusaka Securities Exchange, I urge you to take bold and decisive measures that will make it easier for companies to list. The process of listing and the associated costs should be reviewed,” he said on Wednesday at Mulungushi International Conference Centre in Lusaka. “The securities market must be a platform where the private sector could raise cheaper and longer dated capital. You must make it your agenda and measure your own success through growth in capital market activities. We should not wait for years before we can see a new listing.”
He said currently, people thought of land as the only investment because they have not been given alternatives.
Dr Ng’andu pledged to support legislation that would make it easier for the private sector to invest.
“Today many Zambians think of investment only in terms of land and property because we have not effectively sold them the alternatives. Let us be proactive. I stand ready to support you with the policies, legislation and regulations that will make it easier for the Zambian private sector to take advantage of the capital markets,” said Dr Ng’andu.
“The government will continue to provide a conducive business environment. I wish to implore the IDC to continue to seek innovative ways in which to leverage the domestic capital markets to anchor the transformation interventions of public enterprises under its supervision. I do certainly look forward to commemorating similar events, relating to entities in the IDC portfolio, in the not so distant future.”