UNIVERSAL MINING SEEKS STEEL PLANT EQUITY PARTNER

By BUUMBA CHIMBULU                                                                                                                                       UNIVERSAL Mining and Chemical Industries Limited (UMCIL) is scouting for an equity partner to buy up to 25 percent shares in its US$200 million Kafue Steel plant.This is after the National Pensions Scheme (NAPSA) and the Industrial Development Corporation (IDC) turned down offers from the company for shares, citing the business not being lucrative.The Zambia Development Agency (ZDA) has however regretted the decision by the two institutions not to buy shares in the company following its profitability.UMCIL Executive Technical Director, Julius Kaoma, said the company had approached NAPSA and IDC to offer them shares of between 20 to 25 percent.Dr Kaoma told officials from ZDA who toured the plant in Kafue that the two institutions however turned down the offers citing that the business was not lucrative.“We approached NAPSA and they turned down our approach. We want to sale them equity in our setup. We wanted to sale them 20 to 25 […]