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IDC takes over 29 firms

GOVERNMENT has transferred shares of 29 out of 33 State-owned Enterprises (SOEs) from the Minister of Finance to the Industrial Development Corporation (IDC).
Special assistant to the President for press and public relations Amos Chanda said in a statement issued in Lusaka yesterday that the transfer follows the instruction by President Lungu who is also the chairman of the IDC.
The enterprises to be superintended and owned by the IDC are Zambia Daily Mail, Afrox Zambia PLC, Zesco Limited, Indeni Petroleum Refinery, Indo Zambia Bank Limited, Kagem Mining Limited, Kariba Minerals Limited, Lusaka South Multi Facility Economic Zone Limited, Lusaka Trust Hospital, Medical Stores Limited.
Others are Mpulungu Harbour Limited, Mukuba Hotel Limited, Mulungushi Village Limited, Mupepetwe Development Company, Nanga Farms PLC, Nitrogen Chemicals of Zambia Limited, ZAMTEL Limited, ZAFFICO Limited, Zambia International Trade Fair Limited, Zambia Printing Company Limited, Zambia Educational Publishing House, Zambia China Mulungushi Joint Venture, Zamcapital Enterprises Limited, Zambia Railways Limited, Times Printpak Zambia, ZSIC Group Limited, Zanaco Bank PLC and ZCCM-IH PLC.
He said the transfers are yet to be completed for MOFED London, MOFED Tanzania, Mulungushi International Conference Limited and NIEC Business School Trust.
President Lungu said following the share transfer, all line ministries will now focus on policy-making thereby giving IDC direct mandate and authorisation on behalf of the government to oversee performance and accountability of these SOEs.
IDC’s oversight responsibilities include all aspects of governance, commercial, financing, operational and all matters incidental to the interests of the State as shareholder.
President Lungu said these SOEs will from 2016 onwards no longer receive funding from the national budget and therefore reduce the burden on the Treasury whilst freeing up the available scarce resources towards poverty alleviation programmes.
He said the IDC will work to maximise the value of GRZ shareholding and ensure SOEs contribute to the Sovereign Wealth Fund (SWF), which will focus on stimulating investment in strategic non-mining industries and increasing exports.
“IDC is a tool to enhance domestic capital formation, wealth creation and preservation by focusing on exploiting our country’s advantages in natural resources and actively developing industries and enterprises to create jobs for our people,” President Lungu said
He also said President Lungu reiterated Government’s commitment to industrialization and job creation in order to create a better Zambia for all.