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Finance
ary, which has scored a first by becoming the only
indigenous insurance company to go regional. They
opened a branch in Tanzania and likewise have
plans to set up branches in other countries through-
out the region.
Indeed LSA, headed by a career insurance expert-cum
businessman, Mr. Lawrence Sikutwa, is living up to its
Mission Statement: To be Zambia’s leading business
group by participating in every sector of the economy
locally and in available opportunities in the region.
LSA’s vision is to provide products and services that
go beyond the expectations of the Group’s custom-
ers in all businesses and to provide quality employ-
ment to deserving people. The LSA Group is com-
mitted to good corporate governance and upholds
a sound code of ethics. The Group believes that for
a first class company it is a matter of principle that
transparency and candour should be ethically desir-
able in treating customers and the general public
with the respect that is due to them.
Accordingly management and staff at all LSA Group
companies conduct themselves on the basis of a code
of ethical conduct that requires employees to maintain
the highest possible standards, and their clients are en-
couraged to demand no less of such a standard.
Beatrice Nkanza
General Manager
3rd Floor, Exchange Building, Cairo Rd.
PO Box 34523 Lusaka
Tel: +260-211-225969 / 228391 /
228537
Fax: +260-211-225969
info@luse.co.zm
www.luse.co.zm
The Lusaka Stock Exchange (LuSE) was estab-
lished in 1993 with preparatory technical assistance
from United Nations Development Programme
(UNDP), the International Finance Corporation (IFC)
and the World Bank.
In its first two years of operation LuSE and the Se-
curities and Exchange Commission (SEC) were
funded by the Government of Zambia as a project on
financial and capital market development in Zambia
under the multi component private sector develop-
ment programme. Since 2009, LuSE has operated
independently from the government and is funded
purely on commissions and fees.
THE lusaka stock exchange
As of 2010, LuSE has 21 listed companies. These
include: African Explosives, Zambia Bata Shoe
Company, British American Tobacco Zambia, BP
Zambia, Cavmont Capital Holdings Zambia, Copper-
belt Energy Corporation, Lafarge Cement Zambia,
Farmers House, Farmers House Preference Shares,
Investrust Bank, National Breweries, Pamodzi Hotel,
Standard Chartered Bank, Shoprite Holdings, Zam-
beef Products, Metal Fabricators of Zambia, Zam-
bian Breweries, ZCCM Investment Holdings, Zambia
National Commercial Bank, and Zambia Sugar.
LuSE is made up of stock broking corporate mem-
bers and is incorporated as a non-profit limited li-
ability company. The role of the Exchange is part
of the government’s economic reform programme
aimed at developing the financial and capital market
in order to support and enhance private sector initia-
tives. Another important role of the Exchange is to
facilitate the divestment of government ownership in
parastatal organizations and the realization of a wide
shareholder ownership by the Zambian people via a
fair and transparent process.
The rules and listing requirements of LuSE are
backed by supporting legislation enacted as the
Securities Act No 38 of 1993. The Securities Act
regulates the entire Zambian securities market and
is specifically designed to ensure adequate investor
protection and support the operation of a free, or-
derly, fair, secure and properly informed securities
market. The Act creates and defines a central market
in which both unlisted and listed securities trade on
exchange, as opposed to a dual market system.
LuSE also expects to attract a foreign portfolio of in-
vestments through the recognition of Zambia and the
region as an emerging capital market with high po-
tential investment returns. There is no capital gains
tax in Zambia and there is no restriction to enter or
exit the market. LuSE has been set up as a modern
stock exchange based on the most current interna-
tional standards and practices with a world-class
system and custody services.
Looking to the future, LuSE looks to be integrated
into securities exchanges of the wider African region.
This will greatly enhance the levels of activity on the
exchange and will likewise enhance the Zambian
capital markets in general.
“LuSE acts as an effective tool for the development
of the Zambian economy. It directly aids the Zam-
bian economy in its objectives to reach sustainable
growth and development.”
Beatrice Nkanza, General Manager