Finance Bank to Offload 25 Percent Shares

FINANCE Bank Zambia (FBZ) Limited will offload 25 per cent shares on the London’s Alternative Investment Market (AIM), Lusaka, Nairobi and Johannesburg stock exchanges by the end of this year.

FBZ and Professional Insurance Corporation are subsidiaries of the Mahtani Group of Companies.

FBZ chairperson Rajan Mahtani said the bank would be listed on the London’s AIMs, Lusaka Stock Exchange (LuSE) Johannesburg Stock Exchange (JSE) and Nairobi Securities Exchange (NSE) by December 31, 2014.

In an interview in Lusaka, Dr Mahtani said the company aims at diversifying the shareholding portfolio and empower investors.

“By December 31, 2014, we shall list on JSE, NSE and LuSE and we have made the arrangement with the London’s AIM and we are also trying to use the local broker to work with international stock brokers to finalise on the listing procedures,” he said.

Dr Mahtani said it was important to note that from the 40 per cent shares, 20 per cent would be reserved for Zambians including local companies.

He explained that the bank would use the resources to boost the micro-financing and lending to Small and Medium Entrepreneurs (SMEs) consequently building the Zambian economy.

Dr Mahtani said in the past, the bank had managed to raise over US$1 billion of credit lines internationally to support various projects.

He said Professional Insurance Corporation was expected to be quoted on LuSE before September this year.

Dr Mahtani said the bank had invested about $10 million to setup a branch in Malawi and plans were underway to open another one in Zimbabwe.

“In this regard, new Finance Bank Limited is scheduled to open three branches in Malawi in the next six weeks. We are in aanced discussions with Zimbabwe for the acquisition of a bank. Plans are underway to explore opportunities in other countries within the region,” he said.

Source : The Times of Zambia

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