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Transport, Works Supply & Communications
nual budgetary amount of US$ 500 million for a pe-
riod of five years to completely maintain and restore
all Zambian roads in “poor conditions” to a “good” or
at least “fair” condition.
In 2009, government significantly increased the
budgetary allocation for the development of road
infrastructure, in line with its commitment to reduce
the cost of doing business and improve access to
rural areas. In a continuation of this trend, K 1 461.9
billion was allocated towards the construction, reha-
bilitation and maintenance of road networks in 2010.
Key development projects and initiatives of 2010
include:
• The second phase of the Zimba-Livingstone Road,
with a budget allocation of K 194.5 billion.
• The upgrading of the Choma-Chitongo, Chembe
Bridge-Mansa, Mongu-Kaoma-Tateyoyo, Kasama-
Luwingu, and Luansobe-Mpongwe roads, at a cost
of K 146.2 billion.
• K 60.9 billion is set aside to improve the condition
of urban roads within Ndola and Kitwe.
• K 603.9, which represents 40 percent of the roads
budget, is being used to undertake routine mainte-
nance and rehabilitation works.
• K 106.3 billion has been allocated to the rehabilitation
of feeder roads and river crossings across the country
• The allocation of K 45 billion – K 50 billion for rural
road development in the nine provinces compared
with the K 2 billion that was allocated in 2009.
FARMERS HOUSE PLC
Robin Miller
Managing Director
Central Park, Cairo Rd.
PO Box 30012 Lusaka
Tel: +260-211-228682 / 3 / Fax: +260-211-222906
robin.miller@lilayi.com
Farmers House Plc is a property investment com-
pany listed on the Lusaka Stock Exchange (LuSE).
The company’s roots date back to the 1920 mak-
ing it is one of Zambia’s oldest companies. It was
originally a farmer’s cooperative looking out for the
commercial interests of farmers while they sold their
produce. In 1981 the property investment assets
of the farmers’ cooperative were stripped from the
group, and the members of the cooperative became
solely involved in the trading arm of the operation,
while Farmers House Plc became a new property in-
vestment vehicle. Therefore, since 1981 it has been
solely involved in property acquisition, management
and development.
On the LuSE (Lusaka Stock Exchange), they have
100% of the company’s shares in public float and
therefore have some key local investors such as
NAPSA, Standard Chartered Bank, Barclays Bank,
Lafarge, Zanaco and Konkola Copper Mines Pension
Fund as shareholders. Farmers House prides itself
on being the property developer of choice in Zambia.
They represent a unique business structure to the
market. Through Farmers House, an investor can
own shares of a property investment vehicle and buy
and sell it as they see appropriate, therefore minimiz-
ing the risk to the investor simultaneously contributing
to the development of the real estate sector.
The company’s development portfolio includes Cen-
tral Park, Lusaka and the Airtel Zambia Head Office
on the corner of the Great East Road and Addis Aba-
ba Road, Lusaka. The shortage of quality residential
and commercial space in Zambia creates a huge op-
portunity for the development of commercial space
and the growth of Farmers House. The company is
currently undertaking the construction of the Stanbic
Bank Zambia Head Office and an executive banking
branch at an estimated cost of US$10m. This project
has been undertaken in a joint venture partnership
with Standard Bank Properties, one of Africa’s larg-
est property developers.
Farmers House has shown tremendous growth. As
of 2010, their capitalization stood at US$25m and
they plan to expand by doing two Rights Issues,
one a Debt Issue for US$15m and the other an Eq-
uity Rights Issue for an additional US$15m. This
will bring Farmers House’s market capitalization to
a level that will enable the company to engage in
increased levels of activity.
Looking towards the future, Farmers House plans to
continue with new projects and acquire new proper-
ties in order to facilitate increased growth for the com-
pany and reduce it ratios of fixed costs to income.
KNIGHT FRANK
Tim Ware
Managing Director
Tel: +260-211-250683 / Fax: +260-211-254717
tim.ware@zm.knightfrank.com
www.knightfrank.com
Knight Frank is one of the leading residential and
commercial property managers and consultants in
the world. Its global network, including US based
Newmark Knight Frank, encompasses 207 offices
in 43 countries across six continents. More than