TELECEL PLANS TO LIST ON THE LUSAKA STOCK EXCHANGE

Mergers, Acquisitions and Financial Results

Telecel chairman, Bwalya Chiti, has said Telecel Zambia Limited was charting a plan to list on the Lusaka Stock Exchange (LuSE). Chiti, said in an interview on Saturday, following the company's extension of its services to Livingstone that according to the company's licence obligation, it is required to allocate 10 per cent of its equity to the public.

Chiti said the company has had to seal the issues of profitability, which is of the precursor requirements for listing. "The past years have been formative years and because of the investments companies have to make, they don't really show profitability trends," he said."Now that we have attained the profitability record, we are on track to have the company listed." Chiti said the company now needed to appoint a consultant to handle the company's floatation. He said the Telecel board had already held discussions with Pangaea/EMI Securities to handle the floatation. Pangaea/EMI Securities is one of the largest stockbrokers in the country, and has handled most of the major listings on the exchange, including Standard Chartered Zambia, Rothmans Zambia and Zambian Breweries. "At the next board meeting we will formalise our discussions with them and once we do that, they will be able to set the tone for the exercise," Chiti said.