LCC to float markets on stock exchange

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Lusaka Mayor, Mulenga Sata
Lusaka Mayor, Mulenga Sata

The Lusaka City Council (LCC) says it is exploring possibilities of floating council markets onto the stock exchange market to enable Zambians buy shares and become owners of the markets.

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Lusaka Mayor, Mulenga Sata, said such a measure will help the local authority develop its existing infrastructure through public and private partnerships.

Mr Sata said this in a speech read on his behalf by Deputy Mayor, Potiher Tembo, at a Business Clinic for small business owners and traders held at City Centre Market.

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He said the council is seeking alternative sources of funding to transform current business models to establish new ventures.

He added that floating markets at the stock exchange can enable the council generate capital to revamp infrastructure for the run-down council markets with state of the art infrastructure that will accommodate more traders and businesses in larger multi-storey buildings.

Mr Sata urged small business owners and traders to seize the opportunity and gain knowledge on how they could effectively manage their finances and improve management competencies in order to transform the way they manage their businesses and become profitable.

Speaking earlier, visiting Association for Certified and Chartered Accountants (ACCA) Executive Director for International Markets, Steven Heathcote, said that enhancing small and medium enterprises’ access to finance is cardinal to avail them business opportunities and support their growth and development.

The Zambia Chamber for Small and Medium Business Associations who organised the business clinic hopes that the traders will improve their documentation, record keeping and pricing and costing in order to be competitive with foreign businesses.

 

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