Story of the Day:
The payments application Spenn has acquired the largest POS distributor in the country Kazang. To date this marks the largest acquisition between two fintechs in the country’s history and a signal of the competitiveness of the industry. Recently the sector has seen an uptake in foreign investors making substantial acquisitions following the acquisition of Cavmont Bank last year by Access and some substantial investment in local start ups. Read more
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Commerce, Trade and Industry Minister Chipoka Mulenga says government is considering possibilities of financing quasi government entities with the support of the private sector. Mr Chipoka says the government will engage the private sector to help fund or support government entities that have challenges with adequate financing. Read more: ZNBC
Energy Minister Peter Kapala says government will renegotiate the bulk supply agreement with Copperbelt Energy Corporation after the resolution of court cases by the end of the year. And the Minister says the price of electricity will be informed by the results of the cost of service study whose completion will be expedited. Read more: News Diggers
The Centre for Trade Policy and Development (CTPD) calls on Government through the Ministry of Finance to consider building local consensus on the key economic reforms it plans to institute. Read more: The Independent Observer
Indeni Petroleum Refinery will reopen before the end of this year, but its future hangs in the balance if US$200 million is not sourced for equipment upgrade. Read more: Zambia Daily Mail
International Business and Finance
According to the 2021 Global Startup Ecosystem Report by Startup Genome, Africa’s rapidly-growing startup ecosystem is currently valued at a whooping $6.6 billion. Read more: Business Insider
Capital Markets Report Sponsored By ZCCM-IH
In 58 trades recorded yesterday, 826,285 shares were transacted resulting in a turnover of K1,650,149.73. Trading activity was recorded in Airtel, Bata, Lafarge, British American Tobacco Zambia, Copperbelt Energy Corporation, Standard Chartered Bank Zambia and ZCCM. The LuSE All Share Index (LASI) maintained its close at 4,978.71 points, with a 0.01 percent increase.
Chart of the Day: