ZSIC Life goes public

BUUMBA CHIMBULU writes@SunZambianZSIC LIFE has been converted into a Public Limited Company (PLC) and its ordinary shares have now been registered with Securities and Exchange Commission (SEC).This is with effect from September 3, 2020.The shares of ZSIC Life are now tradable on the second tier market of the Lusaka Securities Exchange (LuSE).Company Secretary, Cynthia Chapewa, […]

ZSIC Life goes public
BUUMBA CHIMBULU writes@SunZambianZSIC LIFE has been converted into a Public Limited Company (PLC) and its ordinary shares have now been registered with Securities and Exchange Commission (SEC).This is with effect from September 3, 2020.The shares of ZSIC Life are now tradable on the second tier market of the Lusaka Securities Exchange (LuSE).Company Secretary, Cynthia Chapewa, announced through an order of the board that the SEC registration gives automatic admission to the quoted tier segment of the LuSE market.“Therefore, the quotation of ZSIC Life is the first step towards its eventual listing by upgrading from the quoted tier to the mainboard or listed tier of the LuSE market,” Ms Chapewa said.She said following the quotation of ZSIC on LuSE, the board and management of ZSIC Life are working through the steps and actions required to attain full listing on LuSE.“In the meantime, in compliance with the Securities Act, the market will be kept fully informed through disclo-sures and announcements on any events or developments that are price sensitive,” Ms Chapewa said.ZSIC Life is wholly owned by the Industrial Development Corporation (IDC).The IDC was established in 2014, serves as a holding company of the Government for investments in corporate entities and state owned companies incorporated under the Companies Act. In 1992, the Zambian economy was liberalised, paving the way for the entry of private sector operators across all sectors including the insurance busi-ness and industry. In 2005, the Insurance Act was amended to prohibit the operation of composite insurance companies.Accordingly, ZSIC was restructured in 2008 to create ZSIC Holdings Limited as the holding company with two wholly-owned operating units, namely ZSIC General Insurance Limited (“ZSIC General “ ) and ZSIC Life.In 2015, ZSIC Holdings was placed under the IDC. In 2017, the IDC took direct equity control of ZSIC General and ZSIC Life to streamline the operating structure and improve the performance and profitability of the two companies. The Sun