|August 20, 2003
Zambia Privatisation Agency offers Kafue Textiles of Zambia for sale
Kafue Textiles of Zambia Limited (KTZ) has been offered for sale. According to a Zambia Privatisation Agency (ZPA) bid invitation, bids are required for the acquisition of 99.33 per cent shareholding in one of Zambia's largest textile milling company.
The invitation includes the purchase of all the company's assets. The company is currently owned by ZIMCO (in liquidation) which has 99.33 per cent shares, Maurer Textiles/Amenital (0.33 per cent), Commonwealth Development Corporation (0.19 per cent) and Barclays Bank of Zambia Limited Staff Pension Fund with 0.15 per cent. KTZ is located in the industrial area of Kafue district, about 40 kilometres south of Lusaka.
The company has production capacity of 20 million metres per year of fabrics in a wide range of finished products. A non-refundable fee of K250,000 or US $50 for parties outside Zambia has been pegged on the bids that will close on September 19, 2003. KTZ becomes the second company this week to be offered for sale by ZPA.
On Monday, Maamba Collieries Limited (MCL) was also offered for sale. According to an invitation for bids by the Zambia Privatisation Agency (ZPA), interested parties are free to acquire the government's shares in the company including its assets. Located 350 kilometres south of Lusaka in the Southern Province, MCL is the largest employer in the Southern Province with about 800 well-trained employees. The two companies are among the remaining government owned enterprises that have been earmarked for sale to the private sector. (The Post, Lusaka)