Business

ZNBS to issue K400m deal

BOZ

KALONDE NYATI, Lusaka
ZAMBIA National Building Society (ZNBS) will next month issue a K400 million medium-term note that will enable the bank increase its lending to the public.
The five-year medium-term note will be issued on the Lusaka Stock Exchange (LuSE).
In an interview, ZNBS managing director Joseph Chikolwa said the note, which is a debt instrument issued by a company  with a tenure of five to 10 years, will be issued in three weeks’ time and will be allotted in tranches with the initial issuance being K150 million.
“We are going to the capital market to launch the medium-term note. We have gotten all the regulatory approvals from Bank of Zambia and our parent ministry (Ministry of Finance). The medium-term note will underpin all our growth activities for this year,” he said.
Mr Chikolwa is optimistic that the bond issuance will be successful due to a number of local and international investors that have expressed interest in the programme amid tight liquidity in the financial market.
“There is tight liquidity on the market, but whatever liquidity is available has to be invested somewhere and what we are presenting to our investors is a fundamentally sound investment…We expect that investors will view it with merit,” he said.
Meanwhile, a Mazabuka resident Pascal Mwanza has scooped the just-ended ZNBS Baby Wallet savings promotion whose grand prize is a three-bedroom house at North Gate Gardens in Lusaka.


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