Home Business and Technology NAPSA acquires 65 per cent of Zambia Industrial Commercial Bank

NAPSA acquires 65 per cent of Zambia Industrial Commercial Bank

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Napsa

The National Pension Scheme Authority (NAPSA) is pleased to announce that it has increased lits stake in Zambia Industrial Commercial Bank (ZICB) following participation in a Rights Issue at a nominal price of K1 per share and upon obtaining the requisite regulatory approvals.

As a result of this transaction, NAPSA through its Special Purpose Vehicle, NAPSA Investments Holdings Company Limited, has increased its equity stake in ZICB from 15.83%
to 65%.

The capital raised by ZICB through this transaction will strengthen its capital position and improve its cashflows.

Mr. Yollard Kachinda, the Director General of NAPSA said: “We are pleased to be part of the transtormation of the Zambia Industrial Commercial Bank through this capital injection. This injection is aimed at building capacity tor market competitiveness, achieving operational efficiencies and realigning the strategic direction of the Bank to facilitate growth in the SME sector in the country which has remained untapped.”

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