Compendium of 2002 LuSE Market News
-October-
October 25, 2002
Cautionary Announcements, Results, AGMs, Record Dates:
Chilanga Cement announced that net turnover for the six months to 30/06/2002 was Kw 48,360million. At Kw 7,072 million the after tax profit for the period was up by Kw 3,35 million from the same period in the previous year. Given the uncertainty in the market and the projected cash requirements for sustaining and improving the production levels, the board of directors have decided not to declare a dividend for this period.
Zambia Sugar announced that it had achieved excellent results for the six month period through 30 September. Profit after tax of Kw 29,195 million was up by Kw 11,030 million over the Kw 18,165 million posted during the same period last year, a 60% improvement. Last year, the company was able to refinance its offshore borrowing into Kwacha-denominated loans. This had the effect of eliminating exchange losses on borrowings in the current year. The Board of Directors have declared an interim dividend of Kw 2.15 per share payable to registered shareholders as at the 9th November 2002 record date. The dividend will be paid on or about 8th January 2003.
Arcades Developments has accelerated the development of its shopping/entertainment complex with the signing of Ster Kinekor to a long-term lease. The South African cinema company will open a 5-screen, Zambia's first, as part of the development. Work on the site has now stepped up dramatically and an opening of the centre is planned for mid-2003. For interested investors, Pangaea/EMI Securities is the sponsoring broker and placing agent for a secured debenture issue being completed by the company. The debentures, which are redeemable over a 4 ½ year period, carry an interest rate of 10% per annum (payable semi-annually). The debentures will be quoted on and traded over the LuSE. Each debenture is being issued at a face value of US$ 25,000. has accelerated the development of its shopping/entertainment complex with the signing of Ster Kinekor to a long-term lease. The South African cinema company will open a 5-screen, Zambia's first, as part of the development. Work on the site has now stepped up dramatically and an opening of the centre is planned for mid-2003. For interested investors, Pangaea/EMI Securities is the sponsoring broker and placing agent for a secured debenture issue being completed by the company. The debentures, which are redeemable over a 4 ½ year period, carry an interest rate of 10% per annum (payable semi-annually). The debentures will be quoted on and traded over the LuSE. Each debenture is being issued at a face value of US$ 25,000.
We have sellers of Standard Chartered, Farmers House, and British American Tobacco shares in significant blocks. Interested parties should contact us.
October 18, 2002
Cautionary Announcements, Results, AGMs, Record Dates:
Chilanga Cement announced that net turnover for the six months to 30/06/2002 was Kw 48,360million. At Kw 7,072 million the after tax profit for the period was up by Kw 3,35 million from the same period in the previous year. Given the uncertainty in the market and the projected cash requirements for sustaining and improving the production levels, the board of directors have decided not to declare a dividend for this period. announced that net turnover for the six months to 30/06/2002 was Kw 48,360million. At Kw 7,072 million the after tax profit for the period was up by Kw 3,35 million from the same period in the previous year. Given the uncertainty in the market and the projected cash requirements for sustaining and improving the production levels, the board of directors have decided not to declare a dividend for this period.
Zambia Sugar announced that it had achieved excellent results for the six month period through 30 September. Profit after tax of Kw 29,195 million was up by Kw 11,030 million over the Kw 18,165 million posted during the same period last year, a 60% improvement. Last year, the company was able to refinance its offshore borrowing into Kwacha-denominated loans. This had the effect of eliminating exchange losses on borrowings in the current year. The Board of Directors have declared an interim dividend of Kw 2.15 per share payable to registered shareholders as at the 9th November 2002 record date. The dividend will be paid on or about 8th January 2003.
Arcades Developments has accelerated the development of its shopping/entertainment complex with the signing of Ster Kinekor to a long-term lease. The South African cinema company will open a 5-screen, Zambia's first, as part of the development. Work on the site has now stepped up dramatically and an opening of the centre is planned for mid-2003. For interested investors, Pangaea/EMI Securities is the sponsoring broker and placing agent for a secured debenture issue being completed by the company. The debentures, which are redeemable over a 4 ½ year period, carry an interest rate of 10% per annum (payable semi-annually). The debentures will be quoted on and traded over the LuSE. Each debenture is being issued at a face value of US$ 25,000.
We have sellers of Standard Chartered, Farmers House, and British American Tobacco shares in significant blocks. Interested parties should contact us.
October 11, 2002
Cautionary Announcements, Results, AGMs, Record Dates:
Chilanga Cement announces that net turnover for the six months to30/06/2002 was Kw 48,360million, meaning profits were up by Kw 7,072 million from the previous year. The board of directors have decided not to declare a dividend for this period. announces that net turnover for the six months to30/06/2002 was Kw 48,360million, meaning profits were up by Kw 7,072 million from the previous year. The board of directors have decided not to declare a dividend for this period.
Zambia Sugar A board meeting was held on 10th October 2002, where the results of the six months to September and proposed interim dividend were discussed. The results of this meeting will be communicated during the course of next week.
October 04, 2002
Cautionary Announcements, Results, AGMs, Record Dates:
Chilanga Cement announces that net turnover for the six months to30/06/2002 was Kw 48,360million, meaning profits were up by Kw 7,072 million from the previous year. The board of directors have decided not to declare a dividend for this period. announces that net turnover for the six months to30/06/2002 was Kw 48,360million, meaning profits were up by Kw 7,072 million from the previous year. The board of directors have decided not to declare a dividend for this period.
September 27, 2002
Cautionary Announcements, Results, AGMs, Record Dates:
National Breweries announces an EGM to be held on Friday September 27, 2002. The meeting has been called to discuss and approve the restructuring of the company, and possibly to dispose of some of its assets. announces an EGM to be held on Friday September 27, 2002. The meeting has been called to discuss and approve the restructuring of the company, and possibly to dispose of some of its assets.
Chilanga Cement announces that net turnover for the six months to30/06/2002 was Kw 48,360million, meaning profits were up by Kw 7,072 million from the previous year. The board of directors have decided not to declare a dividend for this period.
September 20,2002
Cautionary Announcements, Results, AGMs, Record Dates:
British American Tobacco At the Board Meeting held on Tuesday 27 August 2002 no interim dividend for June 2002 was considered. This is mainly due to loss as a result of a 36% decline in volumes due to influx of cheaper Zimbabwean cigarettes on the Zambian market. At the Board Meeting held on Tuesday 27 August 2002 no interim dividend for June 2002 was considered. This is mainly due to loss as a result of a 36% decline in volumes due to influx of cheaper Zimbabwean cigarettes on the Zambian market.
National Breweries announces an EGM to be held on Friday September 27, 2002. The meeting has been called to discuss and approve the restructuring of the company, and possibly to dispose of some of its assets. announces an EGM to be held on Friday September 27, 2002. The meeting has been called to discuss and approve the restructuring of the company, and possibly to dispose of some of its assets.
September 13, 2002
Cautionary Announcements, Results, AGMs, Record Dates:
British American Tobacco At the Board Meeting held on Tuesday 27 August 2002 no interim dividend for June 2002 was considered. This is mainly due to loss as a result of a 36% decline in volumes due to influx of cheaper Zimbabwean cigarettes on the Zambian market. At the Board Meeting held on Tuesday 27 August 2002 no interim dividend for June 2002 was considered. This is mainly due to loss as a result of a 36% decline in volumes due to influx of cheaper Zimbabwean cigarettes on the Zambian market.
National Breweries announces an EGM to be held on Friday September 27, 2002. The meeting has been called to discuss and approve the restructuring of the company, and possibly to dispose of some of its assets. announces an EGM to be held on Friday September 27, 2002. The meeting has been called to discuss and approve the restructuring of the company, and possibly to dispose of some of its assets.
September 06, 2002
Cautionary Announcements, Results, AGMs, Record Dates:
Copperbelt Energy Corporation announced an increase in Profit After Tax of 34% from US$5,084,000 to US$6,825,000 due to the release of the doubtful debt provision for one of the Company's customers which is in receivership. The total interim dividend is US$0.90 per share. announced an increase in Profit After Tax of 34% from US$5,084,000 to US$6,825,000 due to the release of the doubtful debt provision for one of the Company's customers which is in receivership. The total interim dividend is US$0.90 per share.
British American Tobacco announced that a Board Meeting was held on Tuesday 27 August 2002 at which the interim dividend for June 2002 was considered. announced that a Board Meeting was held on Tuesday 27 August 2002 at which the interim dividend for June 2002 was considered.
National Breweries announces an EGM to be held on Friday September 27, 2002. The meeting has been called to discuss and approve the restructuring of the company, and possibly to dispose of its assets. announces an EGM to be held on Friday September 27, 2002. The meeting has been called to discuss and approve the restructuring of the company, and possibly to dispose of its assets.
- August -
30th August, 2002
Cautionary Announcements, Results, AGMs, Record Dates:
Copperbelt Energy Corporation announced an increase in Profit After Tax of 34% from US$5,084,000 to US$6,825,000 due to the release of the doubtful debt provision for one of the Company's customers which is in receivership. The total interim dividend is US$0.90 per share.
British American Tobacco announced that a Board Meeting was held on Tuesday 27 August 2002 at which the interim dividend for June 2002 was considered. announced that a Board Meeting was held on Tuesday 27 August 2002 at which the interim dividend for June 2002 was considered.
09th August, 2002
BP Zambia Plc Floatation
The Zambian Privatization Trust Fund's (ZPTF) offer of BP Zambia shares to the public has closed. Just over one-half of the 125,000,000 shares, priced at K 100 each, were sold. The balance will remain with the ZPTF. The company's shares are now on the listed tier of the LuSE.
02nd August, 2002
BP Zambia Plc Floatation
The Zambian Privatization Trust Fund's (ZPTF) offer of BP Zambia shares to the public has closed. Just over one-half of the 125,000,000 shares, priced at K 100 each, were sold. The balance will remain with the ZPTF. The company's shares are now on the listed tier of the LuSE.
- April -
12th April, 2002
Other Market Related News:
The government has restricted the importation of cheaply priced products from Zimbabwe-resulting from the dual exchange rates now in practice in that country and giving an unfair competitive advantage over Zambian producers. This news has been hailed by the Zambian business community as a very positive development aimed at saving the manufacturing sector of Zambia's economy.
We still have buyers for British American Tobacco and sellers of Zambia Sugar and Farmers House. The number of Farmers House shares available could give any buyer a seat on the Board. In addition, we have a seller of 39.6 million Bata Shoe shares (approximately 13% of the shares in the company). Asking price is K 3.75 per share which equates to an historic PE of 1.66 and a P/BV ratio of .30. Interested parties should contact us.
5th April, 2002
Other Market Related News:
The newly introduced 15% withholding tax on government bonds became effective on the 1st of April 2002. This tax shall be deducted at source on government bond interest accrued after the 1st of April 2002. Currently, yields on government bonds are between 49.0- 50.45%.
We still have buyers for British American Tobacco and sellers of Zambia Sugar and Farmers House. The number of Farmers House shares available could give any buyer a seat on the Board. In addition, we have a seller of 39.6 million Bata Shoe shares (approximately 13% of the shares in the company). Asking price is K 3.75 per share which equates to an historic PE of 1.66 and a P/BV ratio of .30. Interested parties should contact us.
Zambian Breweries Announces Rights Offer
Zambian Breweries has announced that it will undertake a rights offer to raise needed capital for the acquisition of the Coca Cola companies in Zambia (Zambia Bottlers and Copperbelt Bottling). We know that the total acquisition cost was US$ 21.5 million and that the rights offer will likely be in the range of US$ 17.2 million, of which South African Breweries will take up only a sufficient number of its rights to secure a 75% shareholding interest in the expanded company; down from its present 90% shareholding interest. On offer to other existing shareholders and third party investors will be approximately US$ 6.9 million. The offer price will be K 430 per share (current market price is K 470) We are seeking to have the entire US$ 6.9 underwritten. Interested parties should contact us immediately. Pangaea/EMI Securities is serving as financial advisor and sponsoring broker to the offer.
- March -
28th March, 2002
Other Market Related News:
This month the Bank of Zambia's monthly statistics show that Kw 37.7 billion worth of Government Bonds were taken up by the market, compared to the previous month's 20.0 billion. This in the wake of the introduction of a 15% withholding tax on what used to be a tax exempt security.
BOZ Rules out Re-basing of Kwacha
The Bank of Zambia has ruled out re-basing (eliminating the final "0" on each note) of the Kwacha due to the high levels of inflation and fears that this would exacerbate the problem. In a statement to the press, the Central Bank stated that if this were done, the Kwacha would continue to erode. The BOZ also stated that coins will not be minted in the future because of the costs involved, and also their relevance would be uncertain due to the continuing depreciation of the Kwacha.
In Febraury, the Kwacha lost 3.7% of its value against the US dollar compared to 2.6% in the previous month.
We still have buyers for British American Tobacco and sellers of Zambia Sugar and Farmers House. The number of Farmers House shares available could give any buyer a seat on the Board. Interested parties should contact us.
Zambian Breweries Announces Rights Offer
Zambian Breweries has announced that it will undertake a rights offer to raise needed capital for the acquisition of the Coca Cola companies in Zambia (Zambia Bottlers and Copperbelt Bottling). We know that the total acquisition cost was US$ 21.5 million and that the rights offer will likely be in the range of US$ 17.2 million, of which South African Breweries will take up only a sufficient number of its rights to secure a 75% shareholding interest in the expanded company; down from its present 90% shareholding interest. On offer to other existing shareholders and third party investors will be approximately US$ 6.9 million. The offer price will be K 430 per share (current market price is K 470) We are seeking to have the entire US$ 6.9 underwritten. Interested parties should contact us immediately. Pangaea/EMI Securities is serving as financial advisor and sponsoring broker to the offer.
22nd March, 2002
We still have buyers for British American Tobacco and sellers of Zambia Sugar and Farmers House. The number of Farmers House shares available could give any buyer a seat on the Board. Interested parties should contact us.
Zambian Breweries Announces Rights Offer
Zambian Breweries has announced that it will undertake a rights offer to raise needed capital for the acquisition of the Coca Cola companies in Zambia (Zambia Bottlers and Copperbelt Bottling). We know that the total acquisition cost was US$ 21.5 million and that the rights offer will likely be in the range of US$ 17.2 million, of which South African Breweries will take up only a sufficient number of its rights to secure a 75% shareholding interest in the expanded company; down from its present 90% shareholding interest. On offer to other existing shareholders and third party investors will be approximately US$ 6.9 million. The offer price will be K 430 per share (current market price is K 470) We are seeking to have the entire US$ 6.9 underwritten. Interested parties should contact us immediately. Pangaea/EMI Securities is serving as financial advisor and sponsoring broker to the offer.
15th March, 2002
We still have buyers for British American Tobacco and sellers of Zambia Sugar and Farmers House. The number of Farmers House shares available could give any buyer a seat on the Board. Interested parties should contact us.
Zambian Breweries Announces Rights Offer
Zambian Breweries has announced that it will undertake a rights offer to raise needed capital for the acquisition of the Coca Cola companies in Zambia (Zambia Bottlers and Copperbelt Bottling). We know that the total acquisition cost was US$ 21.5 million and that the rights offer will likely be in the range of US$ 17.2 million, of which South African Breweries will take up only a sufficient number of its rights to secure a 75% shareholding interest in the expanded company; down from its present 90% shareholding interest. On offer to other existing shareholders and third party investors will be approximately US$ 6.9 million. The offer price will be K 430 per share (current market price is K 470) We are seeking to have the entire US$ 6.9 underwritten. Interested parties should contact us immediately. Pangaea/EMI Securities is serving as financial advisor and sponsoring broker to the offer.
8th March, 2002
We still have buyers for British American Tobacco and sellers of Zambia Sugar and Farmers House. The number of Farmers House shares available could give any buyer a seat on the Board. Interested parties should contact us.
Zambian Breweries Announces Rights Offer
Zambian Breweries has announced that it will undertake a rights offer to raise needed capital for the acquisition of the Coca Cola companies in Zambia (Zambia Bottlers and Copperbelt Bottling). We know that the total acquisition cost was US$ 21.5 million and that the rights offer will likely be in the range of US$ 17.2 million, of which South African Breweries will take up only a sufficient number of its rights to secure a 75% shareholding interest in the expanded company; down from its present 90% shareholding interest. On offer to other existing shareholders and third party investors will be approximately US$ 6.9 million. The offer price will be K 430 per share (current market price is K 470) We are seeking to have the entire US$ 6.9 underwritten. Interested parties should contact us immediately. Pangaea/EMI Securities is serving as financial advisor and sponsoring broker to the offer.
1st March, 2002
We still have buyers for British American Tobacco and sellers of Zambia Sugar and Farmers House. The number of Farmers House shares available could give any buyer a seat on the Board. Interested parties should contact us.
Zambian Breweries Announces Rights Offer
Zambian Breweries has announced that it will undertake a rights offer to raise needed capital for the acquisition of the Coca Cola companies in Zambia (Zambia Bottlers and Copperbelt Bottling). We know that the total acquisition cost was US$ 21.5 million and that the rights offer will likely be in the range of US$ 17.2 million, of which South African Breweries will take up only a sufficient number of its rights to secure a 75% shareholding interest in the expanded company; down from its present 90% shareholding interest. On offer to other existing shareholders and third party investors will be approximately US$ 6.9 million. The offer price will be K 430 per share (current market price is K 470) We are seeking to have the entire US$ 6.9 underwritten. Interested parties should contact us immediately. Pangaea/EMI Securities is serving as financial advisor and sponsoring broker to the offer.
- February -
22nd February, 2002
We continue to have buyers for British American Tobacco and Zambia Sugar shares and sellers of Farmers House shares (blocks of sufficient size to warrant a Board seat) . If you are interested please contact us at your earliest convenience.
We also have mandates to sell shares in the following companies:
ZEGA Limited
A private company, ZEGA is one of Zambia's leading freight handling and forwarding companies. Its earnings are all foreign exchange denominated and it is quite profitable.
Metal Fabricators of Zambia (ZAMEFA)
Majority owned by Phelps Dodge, ZAMEFA manufactures copper rod and wire. Seventy percent (70%) of its output is exported to surrounding countries.
Interested parties should contact us.
Arcades Developments PLC - US$ 1.5 Million Convertible Debenture Issue
A newly formed company, Arcades Developments PLC is owned by several local construction firms and was established to develop the Arcades Centre, Zambia's first shopping/entertainment facility. Construction is already underway on this 19,000 square metre centre that will feature cinemas, restaurants, retail shopping facilities and other leisure-related activities. Of the total US$ 8.1 million project, the sponsors and sub-contractors to the project have committed US$ 6.6 million. Through this convertible debenture issue, the company is looking to raise the balance required to complete the project. The centre is about 65% let at present. The debentures, which will pay interest at the rate of 10% per annum, will be quoted on the LuSE. Pangaea/EMI is the financial advisor and sponsoring broker to the issue. Interested parties should contact us.
Industrial Credit Corporation (ICC) - US$ 2.5 Million Private Placement
Early in 2001, the Loita Capital Partners Group acquired ICC, the largest leasing company in Zambia, from CDC. Loita plans to use ICC as a vehicle for expansion into the sub-region and is seeking to expand its capital base through a private placement of new shares. This will be followed by an IPO in the first half of next year. In addition to being the largest leasing business in Zambia, 80% of its portfolio is US$-denominated, providing a hedge against further devaluation of the Kwacha. Pangaea/EMI Securities is the sponsoring broker for and one of the advisors on the issue.
Zambian Breweries Announces Completion of Coke Acquisition
Zambian Breweries has now completed the acquisition of Zambia Bottlers and Copperbelt Bottling, the bottlers of coke, fanta and sprite in Zambia. Zambian Breweries has indicated that it plans to complete a rights offer to raise part of the financing that will be required for the acquisition. And, in order to increase the public float, South African Breweries will not take up all of its rights. Pangaea/EMI Securities is serving as the financial advisor and sponsoring broker to the offer. We will be seeking to have the offer underwritten. Interested parties should contact us as soon as possible.
15th Febrary, 2002
We continue to have buyers for British American Tobacco and Zambia Sugar shares and sellers of Farmers House shares (blocks of sufficient size to warrant a Board seat) . If you are interested please contact us at your earliest convenience.
We also have mandates to sell shares in the following companies:
ZEGA Limited
A private company, ZEGA is one of Zambia's leading freight handling and forwarding companies. Its earnings are all foreign exchange denominated and it is quite profitable.
Metal Fabricators of Zambia (ZAMEFA)
Majority owned by Phelps Dodge, ZAMEFA manufactures copper rod and wire. Seventy percent (70%) of its output is exported to surrounding countries.
Interested parties should contact us.
Arcades Developments PLC - US$ 1.5 Million Convertible Debenture Issue
A newly formed company, Arcades Developments PLC is owned by several local construction firms and was established to develop the Arcades Centre, Zambia's first shopping/entertainment facility. Construction is already underway on this 19,000 square metre centre that will feature cinemas, restaurants, retail shopping facilities and other leisure-related activities. Of the total US$ 8.1 million project, the sponsors and sub-contractors to the project have committed US$ 6.6 million. Through this convertible debenture issue, the company is looking to raise the balance required to complete the project. The centre is about 65% let at present. The debentures, which will pay interest at the rate of 10% per annum, will be quoted on the LuSE. Pangaea/EMI is the financial advisor and sponsoring broker to the issue. Interested parties should contact us.
Industrial Credit Corporation (ICC) - US$ 2.5 Million Private Placement
Early in 2001, the Loita Capital Partners Group acquired ICC, the largest leasing company in Zambia, from CDC. Loita plans to use ICC as a vehicle for expansion into the sub-region and is seeking to expand its capital base through a private placement of new shares. This will be followed by an IPO in the first half of next year. In addition to being the largest leasing business in Zambia, 80% of its portfolio is US$-denominated, providing a hedge against further devaluation of the Kwacha. Pangaea/EMI Securities is the sponsoring broker for and one of the advisors on the issue.
Zambian Breweries Announces Completion of Coke Acquisition
Zambian Breweries has now completed the acquisition of Zambia Bottlers and Copperbelt Bottling, the bottlers of coke, fanta and sprite in Zambia. Zambian Breweries has indicated that it plans to complete a rights offer to raise part of the financing that will be required for the acquisition. And, in order to increase the public float, South African Breweries will not take up all of its rights. Pangaea/EMI Securities is serving as the financial advisor and sponsoring broker to the offer. We will be seeking to have the offer underwritten. Interested parties should contact us as soon as possible.
8th February, 2002
We continue to have buyers for British American Tobacco shares and sellers of Farmers House shares (blocks of sufficient size to warrant a Board seat) . If you are interested please contact us at your earliest convenience.
Arcades Developments PLC - US$ 1.5 Million Convertible Debenture Issue
A newly formed company, Arcades Developments PLC is owned by several local construction firms and was established to develop the Arcades Centre, Zambia's first shopping/entertainment facility. Construction is already underway on this 19,000 square metre centre that will feature cinemas, restaurants, retail shopping facilities and other leisure-related activities. Of the total US$ 8.1 million project, the sponsors and sub-contractors to the project have committed US$ 6.6 million. Through this convertible debenture issue, the company is looking to raise the balance required to complete the project. The centre is about 65% let at present. The debentures, which will pay interest at the rate of 10% per annum, will be quoted on the LuSE. Pangaea/EMI is the financial advisor and sponsoring broker to the issue. Interested parties should contact us.
Industrial Credit Corporation (ICC) - US$ 2.5 Million Private Placement
Early in 2001, the Loita Capital Partners Group acquired ICC, the largest leasing company in Zambia, from CDC. Loita plans to use ICC as a vehicle for expansion into the sub-region and is seeking to expand its capital base through a private placement of new shares. This will be followed by an IPO in the first half of next year. In addition to being the largest leasing business in Zambia, 80% of its portfolio is US$-denominated, providing a hedge against further devaluation of the Kwacha. Pangaea/EMI Securities is the sponsoring broker for and one of the advisors on the issue.
Zambian Breweries Issues Cautionary Announcement
Zambian Breweries has issued a cautionary announcement related to discussions it is having with Zambian Bottlers Limited about its possible investment in or acquisition of that company. The Zambia Competition Commission (ZCC) has already approved the transaction. We understand that the agreement between the parties has now been signed. Zambian Breweries has indicated that it plans to complete a rights offer to raise part of the financing that will be required for the acquisition. Pangaea/EMI Securities is serving as the financial advisor and sponsoring broker to the offer. We will be seeking to have the offer underwritten. Interested parties should contact us as soon as possible as Zambian Breweries is planning to conclude the offer before the end of its financial year (31 March 2002).
Zambia Privatisation Trust Fund (ZPTF) Requests Proposals for Merchant Banking Services for BP Flotation
The ZPTF has requested proposals for merchant banking services on the BP IPO. The timing is likely to be an offer in the second quarter of the year. Once again, since these are government shares, the IPO will be restricted to Zambian citizens and eligible Zambian institutions.
1st February, 2002
We continue to have buyers for British American Tobacco shares and sellers of Farmers House shares (blocks of sufficient size to warrant a Board seat) . If you are interested please contact us at your earliest convenience.
Arcades Developments PLC - US$ 1.5 Million Convertible Debenture Issue
A newly formed company, Arcades Developments PLC is owned by several local construction firms and was established to develop the Arcades Centre, Zambia's first shopping/entertainment facility. Construction is already underway on this 19,000 square metre centre that will feature cinemas, restaurants, retail shopping facilities and other leisure-related activities. Of the total US$ 8.1 million project, the sponsors and sub-contractors to the project have committed US$ 6.6 million. Through this convertible debenture issue, the company is looking to raise the balance required to complete the project. The centre is about 65% let at present. The debentures, which will pay interest at the rate of 10% per annum, will be quoted on the LuSE. Pangaea/EMI is the financial advisor and sponsoring broker to the issue. Interested parties should contact us.
Industrial Credit Corporation (ICC) - US$ 2.5 Million Private Placement
Early in 2001, the Loita Capital Partners Group acquired ICC, the largest leasing company in Zambia, from CDC. Loita plans to use ICC as a vehicle for expansion into the sub-region and is seeking to expand its capital base through a private placement of new shares. This will be followed by an IPO in the first half of next year. In addition to being the largest leasing business in Zambia, 80% of its portfolio is US$-denominated, providing a hedge against further devaluation of the Kwacha. Pangaea/EMI Securities is the sponsoring broker for and one of the advisors on the issue.
Zambian Breweries Issues Cautionary Announcement
Zambian Breweries has issued a cautionary announcement related to discussions it is having with Zambian Bottlers Limited about its possible investment in or acquisition of that company. We understand that the Zambia Competition Commission (ZCC) met today to review the transaction. No word has yet been forthcoming on the outcome of that meeting, but we expect that it will be positive. More information should be available next week. Should the transaction secure ZCC approval, we anticipate a possible rights offer early in the new year.
- January -
25th January, 2002
We continue to have buyers for British American Tobacco shares and sellers of Farmers House shares (blocks of sufficient size to warrant a Board seat) . If you are interested please contact us at your earliest convenience.
Arcades Developments PLC - US$ 1.5 Million Convertible Debenture Issue
A newly formed company, Arcades Developments PLC is owned by several local construction firms and was established to develop the Arcades Centre, Zambia's first shopping/entertainment facility. Construction is already underway on this 19,000 square metre centre that will feature cinemas, restaurants, retail shopping facilities and other leisure-related activities. Of the total US$ 8.1 million project, the sponsors and sub-contractors to the project have committed US$ 6.6 million. Through this convertible debenture issue, the company is looking to raise the balance required to complete the project. The centre is about 65% let at present. The debentures, which will pay interest at the rate of 10% per annum, will be quoted on the LuSE. Pangaea/EMI is the financial advisor and sponsoring broker to the issue. Interested parties should contact us.
Industrial Credit Corporation (ICC) - US$ 2.5 Million Private Placement
Early in 2001, the Loita Capital Partners Group acquired ICC, the largest leasing company in Zambia, from CDC. Loita plans to use ICC as a vehicle for expansion into the sub-region and is seeking to expand its capital base through a private placement of new shares. This will be followed by an IPO in the first half of next year. In addition to being the largest leasing business in Zambia, 80% of its portfolio is US$-denominated, providing a hedge against further devaluation of the Kwacha. Pangaea/EMI Securities is the sponsoring broker for and one of the advisors on the issue.
Zambian Breweries Issues Cautionary Announcement
Zambian Breweries has issued a cautionary announcement related to discussions it is having with Zambian Bottlers Limited about its possible investment in or acquisition of that company. We understand that the Zambia Competition Commission (ZCC) met today to review the transaction. No word has yet been forthcoming on the outcome of that meeting, but we expect that it will be positive. More information should be available next week. Should the transaction secure ZCC approval, we anticipate a possible rights offer early in the new year.
18th January, 2002
We continue to have buyers for British American Tobacco shares. If you are interested in selling please contact us at your earliest convenience.
Arcades Developments PLC - US$ 1.5 Million Convertible Debenture Issue
A newly formed company, Arcades Developments PLC is owned by several local construction firms and was established to develop the Arcades Centre, Zambia's first shopping/entertainment facility. Construction is already underway on this 19,000 square metre centre that will feature cinemas, restaurants, retail shopping facilities and other leisure-related activities. Of the total US$ 8.1 million project, the sponsors and sub-contractors to the project have committed US$ 6.6 million. Through this convertible debenture issue, the company is looking to raise the balance required to complete the project. The centre is about 65% let at present. The debentures, which will pay interest at the rate of 10% per annum, will be quoted on the LuSE. Pangaea/EMI is the financial advisor and sponsoring broker to the issue. Interested parties should contact us.
Industrial Credit Corporation (ICC) - US$ 2.5 Million Private Placement
Early in 2001, the Loita Capital Partners Group acquired ICC, the largest leasing company in Zambia, from CDC. Loita plans to use ICC as a vehicle for expansion into the sub-region and is seeking to expand its capital base through a private placement of new shares. This will be followed by an IPO in the first half of next year. In addition to being the largest leasing business in Zambia, 80% of its portfolio is US$-denominated, providing a hedge against further devaluation of the Kwacha. Pangaea/EMI Securities is the sponsoring broker for and one of the advisors on the issue.
Zambian Breweries Issues Cautionary Announcement
Zambian Breweries has issued a cautionary announcement related to discussions it is having with Zambian Bottlers Limited about its possible investment in or acquisition of that company. We understand that the Zambia Competition Commission (ZCC) met today to review the transaction. No word has yet been forthcoming on the outcome of that meeting, but we expect that it will be positive. More information should be available next week. Should the transaction secure ZCC approval, we anticipate a possible rights offer early in the new year.
11th January, 2002
We continue to have buyers for British American Tobacco shares. If you are interested in selling please contact us at your earliest convenience.
Arcades Developments PLC - US$ 1.5 Million Convertible Debenture Issue
A newly formed company, Arcades Developments PLC is owned by several local construction firms and was established to develop the Arcades Centre, Zambia's first shopping/entertainment facility. Construction is already underway on this 19,000 square metre centre that will feature cinemas, restaurants, retail shopping facilities and other leisure-related activities. Of the total US$ 8.1 million project, the sponsors and sub-contractors to the project have committed US$ 6.6 million. Through this convertible debenture issue, the company is looking to raise the balance required to complete the project. The centre is about 65% let at present. The debentures, which will pay interest at the rate of 10% per annum, will be quoted on the LuSE. Pangaea/EMI is the financial advisor and sponsoring broker to the issue. Interested parties should contact us.
Industrial Credit Corporation (ICC) - US$ 2.5 Million Private Placement
Early in 2001, the Loita Capital Partners Group acquired ICC, the largest leasing company in Zambia, from CDC. Loita plans to use ICC as a vehicle for expansion into the sub-region and is seeking to expand its capital base through a private placement of new shares. This will be followed by an IPO in the first half of next year. In addition to being the largest leasing business in Zambia, 80% of its portfolio is US$-denominated, providing a hedge against further devaluation of the Kwacha. Pangaea/EMI Securities is the sponsoring broker for and one of the advisors on the issue.
Zambian Breweries Issues Cautionary Announcement
Zambian Breweries has issued a cautionary announcement related to discussions it is having with Zambian Bottlers Limited about its possible investment in or acquisition of that company. We understand that the Zambia Competition Commission (ZCC) met today to review the transaction. No word has yet been forthcoming on the outcome of that meeting, but we expect that it will be positive. More information should be available next week. Should the transaction secure ZCC approval, we anticipate a possible rights offer early in the new year.
4th January, 2002
We continue to have buyers for British American Tobacco shares. If you are interested in selling please contact us at your earliest convenience.
Arcades Developments PLC - US$ 1.5 Million Convertible Debenture Issue
A newly formed company, Arcades Developments PLC is owned by several local construction firms and was established to develop the Arcades Centre, Zambia's first shopping/entertainment facility. Construction is already underway on this 19,000 square metre centre that will feature cinemas, restaurants, retail shopping facilities and other leisure-related activities. Of the total US$ 8.1 million project, the sponsors and sub-contractors to the project have committed US$ 6.6 million. Through this convertible debenture issue, the company is looking to raise the balance required to complete the project. The centre is about 65% let at present. The debentures, which will pay interest at the rate of 10% per annum, will be quoted on the LuSE. Pangaea/EMI is the financial advisor and sponsoring broker to the issue. Interested parties should contact us.
Industrial Credit Corporation (ICC) - US$ 2.5 Million Private Placement
Early in 2001, the Loita Capital Partners Group acquired ICC, the largest leasing company in Zambia, from CDC. Loita plans to use ICC as a vehicle for expansion into the sub-region and is seeking to expand its capital base through a private placement of new shares. This will be followed by an IPO in the first half of next year. In addition to being the largest leasing business in Zambia, 80% of its portfolio is US$-denominated, providing a hedge against further devaluation of the Kwacha. Pangaea/EMI Securities is the sponsoring broker for and one of the advisors on the issue.
Zambian Breweries Issues Cautionary Announcement
Zambian Breweries has issued a cautionary announcement related to discussions it is having with Zambian Bottlers Limited about its possible investment in or acquisition of that company. We understand that the Zambia Competition Commission (ZCC) met today to review the transaction. No word has yet been forthcoming on the outcome of that meeting, but we expect that it will be positive. More information should be available next week. Should the transaction secure ZCC approval, we anticipate a possible rights offer early in the new year.
This circular is strictly confidential and is intended for the sole use of the addressee. It may not be reproduced, circulated or disclosed without the prior written consent of Pangaea/EMI Securities Limited. The information herein is based on information from sources deemed reliable, but Pangaea accepts no liability for any loss resulting from the use of the information contained herein or from any omissions. Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities or options or futures. Pangaea Partners (Zambia) Limited, Pangaea/EMI Securities Limited, their affiliates, directors, officers and employees may have a long or short position in Zambian securities including any described herein.