Petroleum Africa
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Friday, August 22, 2014
Zambia’s Industrial Development Corp. will sell bonds and shares in state-owned companies in order to increase economic growth within the southern African country.
IDC Corporate Affairs Director Charles Mate said that the company plans to reinvest any dividends. Operations Director Andrew Chipwende said that the government will likely be looking to privatize more vigorously. He said, “We are actually setting a platform to undertake even further privatization.” And its energy sector could be privatized in the near future as the IDC plans to invest in renewable energy in particular.
It will be interesting to see who picks up stakes in these state-owned firms. On the oil and gas end companies operating inside the country are smaller capped companies and while it would depend on the pricing of these stakes, it is more than likely they will pass on the opportunity.
A good pairing would be neighboring Angola’s NOC Sonangol taking a slice of Zambia’s state-run pie. The company is in charge of Africa’s second largest production base and has its fingers in various pies across the industry. It is also looking for investments to grow its funds and perhaps Zambia would be a good fit for it.
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