Mr Friday Ndhlovu, LuSE Chairman s Speech. Media Breakfast on the Capital Market Week. Taj Pamodzi Hotel, 17 th February, 2014

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1 Ladies and gentlemen in the media Mr Friday Ndhlovu, LuSE Chairman s Speech Media Breakfast on the Capital Market Week Taj Pamodzi Hotel, 17 th February, 2014 I am delighted to address you and through you the nation on the impending commemoration of the 20 th anniversary of the Lusaka Stock Exchange (LuSE). The LuSE was established in 1993 and opened for business on 21st February, Therefore on the 21 st of February, 2014 the LuSE will clock 20 years of operation. The formation of the capital market and particularly the LuSE was part of Government s broader economic reforms aimed at stimulating a dynamic private sector to be the primary engine for economic growth in Zambia. It was also motivated by the need to deepen financial and capital markets in support of the emerging private sector. It was considered particularly important that ordinary Zambians be empowered to create wealth by presenting them with an equal opportunity to purchase shares in companies listed on the Exchange. To this end, the Exchange has listed 21 companies since its inception, 10 of which were direct contributions from the Zambia Privatization Trust Fund (ZPTF). Ladies and Gentlemen, you will recall that Zanaco, where GRZ shares were reduced from 51.8% to 25% was the largest Initial Public Offering (IPO) transaction under the ZPTF and the first ever to combine the sale of existing shares and an offer for subscription to raise capital. It follows therefore that the opportunities for Zambians to create wealth through share ownership increased in proportion to the number of listings. The broad objectives for the development of the LuSE were: (i) to enable local businesses to raise longer term capital (ii) to empower citizens through ownership of shares; (iii) to attract foreign direct investment (FDI), and (iv) to enable companies achieve improved corporate governance through wider share ownership. The establishment of a stock exchange was seen as a vehicle to attain these objectives to ensure equitable, efficient and transparent mechanism for Zambians to create their own wealth creation. The LuSE was structured around models of a modern stock exchange with automated clearing and settlement facilities through a Central Securities Depository (CSD). LuSE contributes to wealth development, financial services and provides a platform for investment for local and foreign investors. It provides a platform where companies can raise relatively cheaper long term capital and facilitates the secondary trading of shares. LuSE also

2 provides facilities for the listing of securities to provide users with an orderly market place. The benefits of listing are many but key in the local context are the following: (i) no exchange controls; (ii) no restrictions on shareholding levels; (iii) no restrictions on foreign ownership (iv) no capital gains tax; (v) corporate income tax reduced by 2% for companies in the first year of listing and (vi) no property transfer tax on listed securities. Market Structure The key features that make the LuSE to be a modern stock exchange in line with international standards and practices include (i) use of a Central Share Depository (CSD) system; (ii) tradefor-trade netting clearing and settlement process; (iii) rolling settlement 3 days after the trade (T+3); and (iv) meets G30 recommendations for clearing and settlements system design and operation. The Capital market is operated on the basis of listing, trading, clearing and settlement rules which form the backbone of our stock market and ensure a stable, fair, and efficient market structure. Capital markets are therefore a vital engine of economic growth because they have a profound impact on the rate at which our economy grows and creates jobs. They also have an impact on the welfare of millions of individual Zambians looking to save for college or their retirement.this is achieved by turning the savings of investors into capital for business, enabling a flow of funds from investors to entrepreneurs and then back again through dividends and capital gains. It is therefore disappointing that there are some companies that hardly pay dividends or indeed venture to withhold dividends from their investors. I would like to take this opportunity to advise the players and investors that with the revised Listings Rules, any breach will now attract a fine or penalty. The LuSE market structure is supported by robust legal and technology systems, those who purchase shares on the LuSE can have confidence that they will be able to sell those shares at a fair and efficient price in the secondary market. The values assigned to shares in the secondary market play an important role in the ability of companies to raise additional funding. Currently, the largest rights issue by Copperbelt Energy Corporation Plc closes on the 28 th of February CEC is anticipated to raise an equivalent of USD70 million to finance its projects which include its expansion into the region and into West Africa. ZCCM-IH has also indicated its intention to conduct another large rights issue which is intended to restructure its balance sheet. A stock exchange is therefore structured as the most efficient and effective tool for turning savings into capital and growth. It has been noted that over the past 20 years there has been a growing supply of long-term risk capital in the form of domestic investors, particularly institutional investors such as pension and assurance funds, on the back of improving macroeconomic fundamentals and policy environments in the country. These institutions have been actively participating in the stock market. Examples of such institutions include NAPSA, African Life, Kwacha Pension Fund, Mukuba Pension Fund and Workmen s Compensation Fund. Foreign Fund participation on the LuSE has also increased over the years. It is also important to note that the market also benefits from pension funds in respect of the role they play in ensuring that good corporate governance standards are observed in the listed companies of their investment. Ladies and Gentlemen, I am also happy to note that the Government continues to support the LuSE and the development of the capital market. The Ministry of Finance announced in 2013,

3 the commencement of the State Owned Enterprises (SOEs) policy to allow for the Government to start preparing the SOEs for engagement on the LuSE. The Securities Act which was being revised to be more robust is with the Ministry of Finance for consideration and later enactment by Parliament. It is hoped that it will be passed into law within 2014.The Government has through Statutory Instrument No. 141 of 2011 also provided Institutional Investment Guidelines to allow institutional investors increase thresholds for investment in the capital market. Therefore, ensuring the quality of the capital market structure is an essential part of the LuSE's investor protection and capital formation mission. On the debt side of the business the LuSE introduced special membership called the Bond Trading Membership which was launched in 2012 by the Bank of Zambia Governor. This step was taken to reinforce the fact that GRZ bonds are listed on the LuSE by GRZ and that all trading in bonds must take place on the recognized stock exchange and not via an over the counter market (OTC) as has been the practice. This is because the OTC market in GRZ bonds is not transparent, particularly in regard to retail investors leading to poor pricing and low liquidity in the market as a whole. Trading of listed securities is a legal requirement under the Securities Act. Inception to 2014: Key Achievements and Challenges As at February 2014, shares in 21 listed companies are trading on LuSE with 8 quoted companies. The LuSE has managed to diversify financial instruments on the market with equities, unit trusts, government and corporate bonds. The LuSE All Share Index (LASI) which was introduced on 2 January 1997 with a base of 100 points has risen to 5,300 points as at 13 th February, The LuSE market capitalization since inception has grown to ZMW59 billion. This is a clear indication of growth. Collective Investment Schemes were introduced in the market, 7 companies issued corporate bonds with one supranational, namely IFC which issued as part of its pan African domestic currency Medium Term Note Programme (MTNP) in the sum of ZMW150 million. The total in amount issued in corporate bonds since inception is over ZMW1 trillion. REIZ issued corporate bonds between 1999 and Part of the proceeds funded the construction of the Exchange Building, which currently houses the LuSE offices. It is gratifying to note that a Zambian company, Zambeef Products Plc, has in the period under review achieved the feat of a secondary listing on the London Stock Exchange (LSE) Alternative Investment Market (AIM). Depository Receipts were introduced for the first time in the market and it is expected that Exchange Traded Funds will also soon be listed. An increase in the amount of government bonds traded in the secondary market has been recorded by almost 200% from The secondary Government bond market in Zambia grew very well in 2012 in response to the Government s new policy of conducting primary bond tenders once a quarter rather than every two weeks. In the last quarter of 2008 the automation of transactions through the MIT Automated Trading System (AST)/Central Securities Depository (CSD) was implemented at a cost of more than $1 million and has improved efficiency of processes. It is now possible for information vendors and brokers to have a direct feed into the ATS, enabling them access to real time market data. LuSE and Regional Integration The LuSE is a member of the Committee of SADC Stock Exchanges (COSSE) a structure under the Finance and Investment Protocol of the Southern African Development Community. The aim is to promote regional financial integration and a network of financial markets. One of the

4 objectives of the CoSSE under its strategic plan is to allocate resources, including time, to take a more active role in regional integration initiatives, including the SADC Exchange Control committee and the Payment and Clearing Systems Project. It is pleasing to announce that the LuSE will host a CoSSE meeting scheduled for June During this time, our peers from SADC stock exchanges will join us in commemorating our anniversary. LuSE is also a member of the African Stock Exchanges Association (ASEA). Capital markets everywhere are striving to achieve liquidity in their Exchanges and integration through Dual listings and Cross listings and this is some of the ways that LuSE will also use to enhance its liquidity. Key Challenges The main challenges that LuSE has faced in the last 20 years include; limited equity listings, narrow investor base, lack of diversity of products, low free float, low liquidity, limited public awareness, high transaction costs for companies in growth phase and limited number of brokers. These are the critical issues that LuSE has to address if it is to grow, overcome emerging competition and become the premier capital raising platform in Zambia as well as an attractive investment platform for local and foreign investors. LuSE Interventions moving forward The Lusaka Stock Exchange (LuSE), building on the successes and challenges, has developed some strategic interventions to improve performance, expand the scope of its operations and become a more self-sustaining private sector organization in a competitive business environment. The LuSE will stimulate capital mobilization to meet the long term investment desire of Zambians and international investors. The LuSE will contribute to the country s development vision as espoused in the Vision 2030,to become a middle income country as operationalized by the Sixth National Development Plan ( ). The LuSE has therefore embarked on the following: (i) Demutualization, which process entails a change from a mutually owned organization to an investor-owned corporation and this will bring more new players on the market and recapitalization of the LuSE and enhancement of systems. (ii) Engage listed companies by encouraging them to comply with the public free float of 25% and where they are found wanting levy the requisite fines. (iii) Make presentations to Institutional Investors to understand their expectations of the Exchange and encourage their increased participation on the Exchange. (iv) Lobbying Key Government Stakeholders to utilize the LuSE as an empowerment vehicle and mechanism for divestiture and capital raising for the remaining SOEs as well as lobby for the removal of withholding tax on bonds. (v) Hold Peer Forums, such as the one that will take place on the morning of the 21 st of February, for targeted issuers to share their experience with their peers who are unlisted and looking to raise capital in order to attract more listings. The forums would be conducted at least twice a year. (vi) Working with regulatory agencies and Government to impress on the business community the need to link good corporate citizenship and conduct, to listing on LuSE. (vii) Demystify the LuSE to the public and investors by providing information about the LuSE by way of brochures and extend this in the 7 major local languages. (viii) Restructure the market by facilitating access to the Exchange by low-cap growth companies thereby mitigating transaction costs.

5 (ix) (x) (xi) Separate the LuSE Central Securities Depository (CSD) to be a stand- alone, fully fledged CSD and eventually turn it into a national CSD. Come up with well-structured television and radio programmes which could speak to what the Stock Exchange is about and establish local presence. Train our partners the media in capital market concepts and reporting so that they can effectively cover the Exchange. I would also like to commend the media for their efforts in covering activities of the LuSE throughout its existence. However, I would like to encourage all media houses to actively participate in the dissemination of real time available market information as this would encourage the public to invest on the stock exchange. In commemorating 20yrs,to mark the milestone of two decades, I encourage the public to take advantage of the presence of the LuSE and its brokers at malls in Lusaka where they will set up to bring the LuSE to you. I encourage the business community who will attend the Peer Forum to sensitive the business community on Going Public on Friday 21 st February, 2014 to engage the various panelists to ensure that all their questions, on how to use the Exchange and how it has worked for other local businesses, are answered. I thank you.

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