MONETARY POLICY RATE (MPR) RAISED F TO 10 PERCENT ROM 9.5 PERCENT
The Monetary Policy Rate has been raised by 50 basis points to 10.0%. This decision was arrived at by the Monetary Policy Committee at its Meeting held on August 21 – 22, 2023, and announced by Governor, Dr. Denny Kalyalya, on August 23, 2023. This decision was informed by the movement of current and projected inflation away from the 6-8% target band and the need to contain inflation expectations.
Highlights: Inflation increases in the second quarter of 2023 as inflationary pressures persist; Interest rates rise, growth in credit and money supply slows; Economic activity moderates, but projected to rebound in the medium-term; Current account deficit widens, but projected to rebound in the medium-term.
The Committee recognises the significant structural reforms undertaken by the Government, which are reflected in lower fiscal deficits, debt restructuring, and broader efforts to promote investment and private sector led growth. It noted that the financial sector exposure to systemic risk is moderate and it will remain relatively well capitalised. Further, the Bank is undertaking financial sector reforms that will support financial intermediation and inclusion.
Decisions on the Policy Rate will continue to be guided by inflation outcomes, forecasts, and identified risks, including those associated with financial stability and external debt restructuring. The next MPC Meeting will take place on November 20 – 21, 2023.
Full Monetary Policy Committee Statement: https://boz.zm/MPC_Statement_August_2023.pdf
REMINDER ON THE AIRTEL INTERIM DIVIDEND PAYOUT
The Board of Directors of Airtel Networks Zambia Plc (“Airtel”) on the 18th August, 2023 approved an interim dividend of K2.61 per share for the period 1st January 2023 to 30th June 2023.
In accordance with the requirements of the Securities Act No. 41 of 2016 of the Laws of Zambia and the Listings Rules of the Lusaka Securities Exchange, notice is hereby given that the Interim Dividend shall be payable to shareholders registered in the Company’s books at the close of business on Friday 15th September 2023 being the record date.
Accordingly, since share trading on the LuSE operates on a 3-day rolling settlement period, the last date to trade and to qualify for the announced Dividend is Tuesday 12th September, 2023. Dividend Payments will be posted on or about Monday 18th September 2023.
CEC NOTICE OF A DIVIDEND PAYMENT
NOTICE IS HEREBY GIVEN that the Directors of Copperbelt Energy Corporation PLC, on Wednesday, 23 August 2023, approved the payment of an interim dividend of US Cents 3.4 per ordinary share, which translates to ZMW0.6635 per share using the Bank of Zambia mid-rate applicable on the date of declaration.
In compliance with the Securities Act No.41 requirements of 2016 and the Listing Rules of the Lusaka Securities Exchange PLC, the dividend shall be payable to the shareholders registered in the Company’s share register at the close of business on Friday, 3 November 2023. Hence, the last day to trade to be eligible for the dividend receipt is Tuesday, 31
October 2023. Dividend payments will be made from Monday, 6th November 2023
REMINDER ON PAMODZI FIRST CAUTIONARY ANNOUNCEMENT
Shareholders are advised to note that the promoter and majority shareholder of Pamodzi Hotels PLC, Tata International Singapore Pte Ltd (“TISPL”) is in discussion with Indian Hotels Company Limited (a public listed company in India) (“IHCL”), for exploring options to sell its stake in the Company.
While the Board understands that the discussions between TISPL and IHCL are ongoing and no final-binding agreements have been entered into between them, as a matter of abundant precaution and good governance, the investors of the Company are advised to exercise caution when trading in the Company’s shares and should seek the professional advice of a broker or investment advisor for any guidance in that regard.
