Mpulungu Harbour Corporation Limited Declares K2.4million Dividend to Shareholder – IDC

Mpulungu Harbour Corporation Limited Declares K2.4million Dividend to Shareholder – IDC

Lusaka, 22nd June 2021 – The Industrial Development Corporation has commended Mpulungu Harbour Corporation Limited (MHCL) for declaring its first dividend of K2.4 million to its shareholder the IDC.

“We at the IDC are very proud of this achievement by Mpulungu Harbour Corporation Limited. We commend the Board of Directors for their leadership in overseeing the turnaround of the company and congratulate management for successfully implementing key reforms for Mpulungu Harbour as set out by the IDC. Your hard work has now shaped the company into a profitable, sustainable and resilient institution capable of declaring dividends. We welcome this first dividend by the company and look forward to future of profitability”, said Mr. Mateyo Kaluba, IDC Group CEO.

He said it was through dividends that the IDC was able to recapitalize companies in its portfolio or roll out greenfield projects such as the fruit processing plants in Mwinilunga and Katete.

Mr. Kaluba said he was happy to announce that plans to transform the port into a modern fourth-generation port will soon become a reality. This is a multi-million-dollar investment which will expand the capacity of MHCL to handle cargo and establish it as a key player on the Lake Tanganyika Transport Corridor, while creating more jobs. He added that the vision for MHCL, is to make Mpulungu the export platform for Zambian goods to the Great Lakes region.

Mpulungu Harbour Corporation Limited Managing Director, Mr. Dominic Bwalya said he was excited with the 13% growth in the volume of cargo being facilitated through Mpulungu Port recorded in the year.

“We are very excited with our performance at Mpulungu Harbour and to be able to declare a dividend to our shareholder for the first time. Through the guidance of our Board of Directors, we have been able to implement key reforms in the areas of cost control, balance sheet restructuring and growing our business. Our growth is mainly coming from increased cargo handling which remains largely outward bound. We therefore urge businesses in Zambia to take advantage of the access presented by Mpulungu Port to the Great Lakes Region”, said Mr. Bwalya.

He said Mpulungu opens up Zambia to a market of over 20 million population from Eastern DRC, Burundi, Western Tanzania, and extends further to South Sudan and was therefore a great opportunity for business in Zambia to look at how to grow their output and tap into that regional export market.