PRESIDENT HICHILEMA EXPECTED IN MAZABUKA TODAY
PRESIDENT Hakainde Hichilema is today expected in Mazabuka to officiate at the 60th anniversary of the establishment of Nakambala Sugar Estates.
Southern Province Permanent Secretary Namani Monze said the President will be in the district for the first time since assuming office three years ago.
“President Hichilema is also expected to take a tour of Nakambala Sugar Plantation to appreciate the innovations being applied by the company,” he said.
“While in the district, President Hichilema is further expected to address the residents.”
The history of Nakambala Sugar Estates dates back to 1964 when Tate & Lyle Plc, a British-headquartered firm, developed the estates into Zambia Sugar Company.
In the 70s, the then Industrial Development Corporation (INDECO) took a controlling stake but in 1995, the firm was privatised and Tate & Lyle became the majority shareholder with a 50.9 percent stake while Commonwealth Development Corporation (CDC) took a 31 percent share.
In 1996, the company successfully listed on Lusaka Securities Exchange (LuSE) as Zambia Sugar Plc and Zambians were able to buy shares in the entity. By 2001, Illovo Sugar Limited, a wholly-owned subsidiary of Associated British Foods Plc (ABF), acquired the 50.9 percent Tate & Lyle shares, and as required by law, made a mandatory offer to minority shareholders and thereby increased its shareholding to 89.71 percent.
ZDM