Chairperson of the Parliamentary Committee on Parastatal Bodies, Hon Peter Daka, has reiterated the need for companies in the Industrial Development Corporation (IDC) to continue the transformation journey towards sustainable profitability.
Hon Daka, who is also Msanzala Constituency Member of Parliament, said there was marked improvement in the performance of parastatal bodies since they were transferred to the IDC five years ago. He said the Committee had seen renewed hope for parastatals in terms of delivering profits and dividends to the Zambian people.
Hon Daka was speaking at the 4th IDC Annual Conference held over the weekend in Livingstone.
At the conference, the IDC Group welcomed three new additions, bringing the total number of companies under the Group to 36.
The new members are:
  • Kawambwa Tea Industries Limited – (100% shareholding)
  • Zambia Re-insurance, formerly Prima-Re – (28.17% shareholding)
  • Marcopolo Tiles Company – (22.6% shareholding)
The IDC also welcomed new CEOs of subsidiaries and investee companies who were appointed during the year.
These include:
  • Mrs Shamo Njeleka – General Manager Mukuba Hotel
  • Mrs Mukwandi Chibesakunda – CEO ZANACO Plc
  • Mr Kangwa David Bwalya – Managing Director ZAFFICO Plc
  • Mr Dominic Bwalya – Managing Director Mpulungu Harbour Corporation Ltd
  • Mr William Mwale – CEO Nitrogen Chemicals of Zambia Ltd
  • Mr Kowdichar Shashidhar – Managing Director Indo Zambia Bank Ltd
In welcoming the new entrants, IDC Board Director, Mrs Sylvia Banda, said the IDC board expected the Group to continually collaborate and provide business opportunities to each other, which would subsequently benefit the Zambian economy.
And Mr Ben Shoko, a Director on the IDC Board, pledged the Board’s backing to ensure all companies in the Group collectively fulfilled the duty of creating employment and wealth for Zambians, in line with the aspirations of the Seventh National Development Plan.