Celtel Zambia’s IPO Delayed

Celtel Zambia’s IPO delayed

LUSAKA, Oct. 26 (Xinhua) — The Communications Authority of Zambia has postponed Celtel Zambia’s ambition to list on the Lusaka Stock Exchange as it insists that the mobile operator floats 41 percent shares instead of 20 percent, Daily Mail reported on Friday.

According to Daily Mail, Celtel Zambia planned to go listed in the third quarter of 2007 but the listing initiative suffered a major setback when the discussion with its governing authority waslocked in a stalemate.

The newspaper cited the Securities and Exchange Commission Chief Executive Officer Clement Sichembe as saying that the negotiation on the possibility of listing 41 percent shares on theexchange had resumed and the Initial Public Offering (IPO) for thecompany would be carried out during the first half of 2008.

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