Saw millers against listing ZAFFICO shares
…because saw mills will close and more than 43, 000 will lose jobs
SA:MI//(RS are opposed to the listing of Zambia Forestry and Forest Industries Corporation (ZAFFICO) shares on the stock e[change because it will allegedly not only cause loss of business to local saw millers but will also result in huge Mob losses. Zambian National Association of Saw millers (ZNAS) president William Bwalya said in an interview yesterday that the listing of the ZAFFICO shares on the Lusaka Securities Exchange (LUSE) would have serious repercussions such as closure of saw mills which would directly result in the loss of 3, jobs, this would be in addition to the ZAFFICO employees and others at Buseko market in Lusaka and other timber markets. “This means losing 15 workers per sawmill on direct jobs, subcontractors in harvesting and haulage of logs from the fields, women charcoal burners, food vendors in harvesting fields including sellers of food at sawmills, women timber traders, cross border traders, roadside and cluster carpenters, allied service providers (sharpeners of blades, electricians, machinery equipment and spares suppliers, boiler makers, motor vehicle mechanics, loaders and transporters . “We are alive to the fact that the new owners may not entertain our business activities because we will then be sharing the same business interests as themselves. :e will also incur investments losses K3 million. Arising from sharing the same interests with the new owners, our investment in timber processing machinery, timber trucks and other movable and lendable assets will be lost in this listing at LUSE,” Mr Bwalya said. He said the acquisition of ZAFFICO will mean surrendering title deeds of the vast land owned by ZAFFICO where forests are located.