08/06/2026
Could Zambians have raised $30 million dollars for shares in Ndola Lime plant (now Limestone Resources) before ZCCM IH sold 55% of their stake to Wonderful Group of Companies (WGC)?
In the last 15years, WGC has initiated and established five subsidiaries ;
1. Marcopolo Tiles
2. United Capital Fertilizer
3. Wonderful Industry Zambia
4. Mupika Sericulture and Silk Farm
5. Boffar Machinery and Equipment
In addition, agreements were signed last month for the same foreign owned entity to co-finance and implement two more projects ;
- 600 MW Thermal Power plant in Sinazongwe
- Recapitalization of Limestone Resources by adding a Cement plant in Ndola
Interestingly, the owners of WGC did not arrive in Zambia as very rich foreign investors. They had the right mindset, skills and selected the correct technologies.
They saw business opportunities in different sectors and decided to secure credit to kick start their journey as economic players in Zambia. We clearly have a lot to learn from WGC.
For as long as Zambians can not raise capital to initiate projects, implement and operate them on commercial terms in a very efficient manner, we shall remain spectators in our own economy.
Limestone Resources ltd will in the next 24 months begin manufacturing cement. This opportunity should have been taken up by Zambians if only we could raise $30 million dollars.
The laws of Zambia, under the Securities Act No. 41 of 2016, refers in part to a collective investment scheme as;
“ A scheme in whatever form, including an open ended investment company where members of the public are invited or permitted to invest money or other assets in a portfolio “
It is therefore possible for Zambians to put together monies into a Pooled Investment Vehicle (PIV) to raise capital provided it is correctly structured.
Christopher Kang'ombe
The Author is a former Parliamentarian in Zambia. He is an Engineer by profession in Electrical/ Mechanical Engineering (CBU) and holds a Master of Arts in Economic Policy Management (UNZA).
