FOLLOWING the article on the offloading of Government’s shares in ZCCM-Investment Holding (IH) a fortnight ago, I have literally been swamped with queries.
As usual, some readers think I work for ZCCM- IH while others reckon that I am some kind of a Lusaka Stock Exchange (LuSE) agent.
From the feedbacks, that, firstly, the ZCCM -IH shares are on high demand and, secondly, that there has been scandalously scant official information to the public on the pending sale of the shares to the citizens.
To recap, about three week ago ZCCM -IH announced that more than 15 million government’s shares in ZCCM -IH had been offered to National Pension Scheme Authority (NAPSA) through LuSE.
Almost 28 million more shares are yet to be offloaded on the same bourse for the local individuals and companies to buy.
After my article on this issue, people, mostly from the Copperbelt Province, have been calling in while others have been e-mailing me inquiring about how they can access the shares.
I have decided to withhold their names because I did not get permission to publish them but typical e-mails read like this:
“My brother you are Godsend…I have been searching for (a long time) how to buy shares in Zccm to no avail (sic). Can you please recommend four brokers that you know will give me good advice?
“Your help is greatly appreciated and thanks for bringing this to the attention of the public.”
Another one reads:
“Thanks for taking time to shed more light on this topic. I would like to find out how much shares one can get. I live in Chililabombwe.
Where can I find a broker to help out on this issue?”
This was followed by another one who wrote:
“I would like to find out where I can find the broker who can give me details regarding the sale of shares At ZCCM-IH. I am staying in Luanshya.”
Yet another one authoritatively wrote:
“Good morning? I was reading about the ZCCM – IH Shares in today’s Times of Zambia and got interested in the topic.
“My question is; how can I buy these shares in ZCCM – IH as an ordinary Zambian? I need a detailed explanation about this issue. Thank you!”
While I was thinking on how to handle the e-mails and calls, the issue took another twist for some miners who had previously worked under  ZCCM.
The miners who had been engaged by Konkola Copper Mine (KCM) and Mopani Copper Mine (MCM) had part of their terminal benefits held in trust by  ZCCM, the precursor of ZCCM –IH.
They now  I want ZCCM IH to convert these terminal benefits into equity through the purchase of part of the 28 million shares which are earmarked for offloading.
Group representative, Isaac Mulusa, says that some of the miners want their terminal benefits to be converted into shares.
“Dear sir
“Upon privitasation of ZCCM,  terminal benefits for employees were held IN TRUST by ZCCM-IH. This money is only given to an individual upon dismissal or resignation by ZCCM-IH and upon retirement and other related exits by KCM.
“The listed employees are some of the KCM employees who would like their ZCCM terminal benefits held in trust to be converted into ZCCM-IH shares,” partly reads Mr Mulusa’s e-mail.
According to a letter dated March 15 2000, addressed to one of the involved miners, following the execution of the contract of transfer of employees from ZCCM to the new mines effective April 1 2000, the miners’ debts were deducted from the accrued benefits.
Instead of paying the balance before tax, the amounts were converted into United States dollars at that day’s exchange rate and are only paid to them on termination of employment due to retirements, redundancy, medical discharge, voluntary displacement or death.
“In the event of resignation, dismissal or desertion, you will not receive payment from the KCM for terminal benefits arising from the service with ZCCM, but you will receive this amount from a Trust Fund established by ZCCM and the government …”partly reads the letter signed by then ZCCM Human Resources Manager, SKMM Masupha.
Generally, it has become clear that information has not been flowing on the pending sale of the ZCCM-IH shares while up to now,  the people do not know who the stock broker for the investment holding is.
One hopes that through this article, the relevant offices will arise and tell the nation the way forward!
For comments call: 260 0955 431442, 0977 246099, 0964 742506 or email: jmuyanwa@gmail.com.