Chairperson of the Finance and Administration Committee of the Industrial Development Corporation (IDC) Board of Directors David Kombe is happy to note that most subsidiaries under the IDC portfolio are making good progress in terms of development, performance and implementation of the growth strategies that are in line with the aspirations of the IDC.
He commended subsidiaries that had improved their financial performance and are now paying dividend to the shareholders.
“As at October 2018, companies that had paid dividends included Indo Zambia Bank, ZANACO, ZCCM-IH, Mulungushi Village Complex, Indeni, Zambia Railways and ZAFFICO, which translates into Twenty-Four (24%) of the Twenty-Nine (29) portfolio companies in which IDC has control”, he said.
Furthermore, he urged companies in the IDC portfolio who are trailing in terms of implementing positive reforms to immediately commence realigning their business models. He said the IDC Board has set the environment for transformation, therefore it is incumbent on the subsidiaries to drive reform from within. He said the Board will not accept poor performance.
Meanwhile, IDC Group Chief Executive Officer Mateyo Kaluba called on the Board and Management of companies in the IDC group to take responsibility of the transformation agenda of their respective companies.
“Whereas our strategic objective as IDC is to see the transformation of companies in the group, we can only do so much as shareholders. The nuts and bolts of transformation is the responsibility of Boards and Management,” he said.
He said the objective behind this year’s theme “Driving Reform from Within” was for the IDC to provide a platform on which companies could demonstrate how they have achieved reform and also share their experiences.
Guest speakers who included Dolika Banda, Deepak Malik and Prof Pinalo Shifwanakeni, shared unique and dynamic perspectives intended to inspire participants to be reformers and drivers of change at their respective levels.
During the conference three companies that have joined the group were formally introduced to the participants. They include:
Zambia Industrial Commercial Bank;
Superior Milling Limited and;
Kombe and Kaluba, were speaking at the 2nd IDC Group Conference held at the weekend in Livingstone.
Last year the theme was “Making the Group Connection”, whose objective was to make companies appreciate and understand that they are a part of the IDC family. It also provided the IDC as shareholder a platform to communicate its expectations.