FINANCE Bank of Zambia (FBZ) has decided to quote all its shares on the Lusaka Stock Exchange to enable the public and investors alike buy shares, bank chairman Rajan Mathani announced yesterday in Lusaka.
FBZ has a deposit base of K2.4 billion and loan book size of over K1.4 billion as at December 31, 2014.
The bank will contribute K90 million to the national treasury for the year ended 2014.
Dr Mathani said the quoting of shares on the Lusaka Stock Exchange would be pursued to ensure that the date for the actual listing does not exceed March 31 this year.
“Although the main reason why most companies decide to list on the stock exchange is to raise capital, ours has been driven by the fact that listing comes with a number of qualitative value addition advantage, which, going forward will take Finance Bank to another level,” he said.
Dr Mathani explained that FBZ was listing because companies which are quoted were frequently perceived as being more stable as they represent permanence.
He also said companies with “PLC” after their names had the potential for citizens, employees, foreign and institutional investors to become shareholders.
“I would like to invite all citizens from every walk of life of this great nation, investors and market players to have a ‘piece of the Lion’s share! You will not be disappointed. We are home grown, stood the test of time, gone to corners of Zambia where no one has gone, we are going regional and this ‘King of the Jungle’ is here to stay!” Dr Mathani said
FBZ started with one branch and has now grown to 58 outlets represented in all the 10 provinces of Zambia.
The bank also started with a workforce of 25 which has since grown to 820 employees.
FBZ was converted into a PLC on September 16, 2014 and subsequently quoted company on the Lusaka Stock Exchange on November 18, 2014.
When the shares are listed on the stock exchange, that will be the time the public and investors will be allowed to buy shares.