On 20th March 2019, the market was informed about Zambeef’s Board Chairman’s transaction to purchase an additional 299,629 shares at a cost of K 2996 in ordinary shares had finally gone through following confirmation of the company’s board.
Dr. Mwanza was informed about the conclusion of the transaction by his broker on 20 March 2019 following the successful trading in 3 separate transactions of shares that were traded at par value with the share price being K0.01 per share. His current stake in the company now stands at 1,399,629 ordinary shares which represents a holding of 0.47% of the total shares in issue, according to a stock exchange news (SENS) announcement issued in Lusaka by the Zambeef sponsoring broker Pangaea Securities Limited.
In 2018, the Zambeef security on LuSE outperformed the LuSE All Share index. However, Zambeef is yet to declare a dividend which would install confidence in the growth trajectory that company has been taking. Aside from a momentary dip in September of 2018, the share price has remained flat at K3 per share.
“Dealing”, in relation to securities, means acquiring, disposing of, subscribing for or underwriting securities or making or offering to make with any person, or inducing or attempting to induce a person to enter into or offer to enter into, an agreement relating to the acquisition or disposal of, subscription for or underwriting of securities, according to The Securities act of 354 of the Laws of Zambia. In this particular case, Dr. Mwanza transaction and the need to disclose it are a requirement of section 52 of the same act.
Dr. Mwanza is a holder of a PHD from Cornell University in the USA and Masters in Economics from Germany. A former Governor of the Bank of Zambia, he is currently the Chancellor of the University of Zambia. He currently serves on multiple boards including IMF Advisory Group on Sub-Sahara African Economic and Social Affairs, Pangaea Securities, David Shepard Foundation and Kafue Sanctuary, according to Reuters.
He holds a Master of Arts degree in Economics (Germany) and a Doctorate in Philosophy degree from the Cornell University (USA). He has held the role of Non-Executive Chairman since January 21, 2003. His tenure as Board Chair has seen many transactions with the largest one being the CDC investment of USD 65 million in 2017.