LUSAKA, Nov. 23 (Xinhua) -- Zambian Vice-President Inonge Wina on Friday said only 40 percent of shares in a state-owned firm managing the country's forests will be listed on the local stock exchange market.
The Zambian vice-president said the government, through its agency the Industrial Development Corporation (IDC), will hold the largest part of shares once the Zambia Forestry and Forest Industries Corporation Limited is listed on the stock market.
Speaking in parliament during the vice-president's question and answer session, she said the firm's workers will be given first priority in buying shares followed by local people.
The rest of the shares will be distributed among Zambians and foreign investors who are interested in buying shares in the company, she added.
According to her, the listing of the forestry firm on the stock market was meant to raise more capital as the firm has now diversified into other ventures such as planting tea and cashew nuts.
The Zambian vice-president further dispelled reports that the firm has been sold to some foreign investors, saying the government has no intention of selling it because it was still viable.
Recently, protests hit Kitwe city on the Copperbelt Province after reports that the timber processing firm has been sold.
The riots led to the summoning of the country's leading opposition figure Hakainde Hichilema for allegedly inciting the riots.
