Celtel Zambia hits biggest rise

  1. Posted on Thursday 12 June 2008 - 07:05
    Sanday
    Image of Sanday
    Sanday Chongo Kabange, AfricaNews reporter in Lusaka, Zambia
    Zain's Zambian subsidiary Celtel Zambia has raised close to $200 million (K665.5 billion) in the country's biggest initial public offering. Celtel Zambia, which sold 20 percent of its shares, for K640 each, climbed to close at K725, according to Lusaka Stock Exchange.
    mobile_phone_photo:kevinzim
    Zain’s Zambian subsidiary Celtel Zambia has raised close to $200 million (K665.5 billion) in the country's biggest initial public offering

    Celtel Zambia, which sold 1.04 billion shares, or 20 percent of its stock, for 640 kwacha each, climbed 85 kwacha to close at 725 kwacha, according to Lusaka Stock Exchange data.

    Celtel Zambia, the southern African nation's biggest mobile- phone company and a unit of Kuwait-based Zain, attracted applications for more than twice the number of shares offered.

    The company has 78 percent of the country's mobile-phone market and plans to increase its subscribers to 2.7 million this year from 1.9 million customers in 2007, according to its pre- listing statement.

    The IPO attracted 5,814 new investors, according to the stock exchange. It was the second IPO for an African mobile-phone company this week, following the listing of Kenya's Safaricom Ltd. on the Nairobi Stock Exchange June 9.

Latest News

  1. OPINION: Welcome to African Green Revolution24/05For the past century and a half, Africa has tried various agricultural approaches without much success.
  2. Egyptians vote in historic election23/05Egyptians began voting freely on Wednesday for the first time to pick their president in a wide open election that pits Islamists against men who serv…
  3. Africa Day 2012 - a moment for reflection and…22/0525th May is Africa Day. For many years it has been a celebration of African unity. It dates back to 1963 when the Organisation of African Unity (OAU) …
  4. South Africa's African agenda21/05The Deputy President of the Republic of South Africa, Kgalema Mothlanthe paid a rare visit to Ghana in April at the invitation of John Dramani Mahama …
  5. Women struggle to rinse hunger, poverty stains21/05Just looking at her one clearly appreciates that she is old and frail therefore in need of support for food, clothing and shelter to live comfortably …
  6. Climate Climate change affects migratory birds…21/05Changes in the climate globally have affected the movement of both migratory and resident species of birds, Nature Uganda has said.
  7. Ghana: Foreign retailers cited for currency…18/05The Ghana Union of Traders Association (GUTA) is attributing the sharp depreciation of the Ghana cedi against major currencies to the illegal activiti…
  8. Kenya: Community radio brings succour to…18/05Korogocho, a slum in northeastern Nairobi with 100,000 inhabitants, had many of the ingredients for a political explosion similar to those that rocked…
  9. Veld fires 'flame' Zimbabwe's…16/05Over the years, Zimbabwe has experienced the scourge of veld fires destroying property worth thousands of dollars.
  10. Liberia commends ECOWAS for support14/05The induction training of pioneer Economic Community of West African States (ECOWAS) Volunteers for Liberia kicked off in Monrovia, with the Deputy Mi…
  11. Vanishing Lake Chad puts 30m lives at risk14/05As you approach the Lake Chad basin from Maiduguri, in north-eastern Nigeria, the evidence of despair is telling.
  12. Heavy rains cause havoc in Kenya14/05Heavy Rainfall continued to wreak havoc across the country leading to the suspension of relief food in some parts of the country as most roads in Turk…
  13. Zimbabwe: Growth points lie dormant14/05The Zimbabwean government mooted the concept of growth points in the 1980s as a means of decongesting cities and towns.
  14. Sierra Leone improves in infant mortality11/05Sierra Leone has improved in infant mortality cases according to Save the Children- World Motherhood index 2012 report. The West Africa country descri…
  15. Zimbabwe: Resettled farmers fail to utilize…10/05Resettled farmers in Zimbabwe are failing to utilize land due to inadequate farming inputs and lack of resources.
News archive