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CHINESE COMPANY PAYS K72M DIVIDEND TO IDC

A Chinese tiles manufacturing firm, Marcopolo Tiles, has paid K72 million as a dividend for the financial year 2020 to the Industrial Development Corporation (IDC).

The IDC owns about 22.61 percent of Marcopolo Tiles stake.

Acting chief executive officer Roy Mwamba, who presented that cheque, disclosed that despite the COVID-19 pandemic, the company has posted strong financial performance.

Mr Mwamba added that the company’s success to the phased approach that the company has taken to assert itself as a strategic investor in Zambia.

And IDC Chief Executive Officer Mateyo Kaluba commended Marcopolo Tiles Co. Ltd for delivering a strong performance in 2020 despite difficulties arising from the COVID-19 pandemic.

Mr Kaluba expressed the IDC confidence for being part of Marcopolo’s strategic investment that has created about 700 jobs and a new value chain in the manufacturing sector.

He pointed out that the investment has positioned Zambia from an importer of tiles to a regional exporter.

Marcopolo Tiles was incorporated in Zambia in 2016 and commenced operations in 2017.

In August last year, the IDC acquired 22.61 percent of the firm’s stake, while the National Pension Authority acquired 16.39 percent with the Workers’ Compensation Fund Control Board getting 10 percent.

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