The Lusaka Stock Exchange will soon welcome the Finance Bank of Zambia. The listing process is almost on the verge of completion and everything looks set for the Dr. Rajan Mahtani. However, in the midst of such auspicious events, a rumor was published by Zambian Eye and Zambia Reports which stated that the listing process of FBZ has now been withdrawn.
However, on realizing the fact that the article is untrue, Zambian Eye had immediately removed the content and replaced it with an apology to FBZ and Dr. Mahtani. The shocking fact related to this incident is that the other news portal, namely, Zambia Reports has not placed any apology nor has it removed the fake article. It appears that the news portal is confident of its claim and continues to be the source of defamation for Dr. Rajan Mahtani. A screenshot of the apology placed by Zambian Eye is given below:
From the perspective of a common man, we do appreciate this effort by Zambian Eye and hope that it doesn’t create fake stories to promote itself in future.
A confirmation from well placed sources suggested that the Finance Bank of Zambia has not withdrawn its listing process. The process is still continuing with the Lusaka Stock Exchange and very soon investors will have the opportunity to invest with FBZ PLC. People who were mislead by Zambia Reports are hereby assured that none of the claims under the malicious article framed by the editors of Zambia Reports are true and were only meant to create a chaos in Zambia.
As per the prevailing conditions in Zambia, a group of conspirators is continuously monitoring each and every action of Dr. Rajan Mahtani and are framing false stories with the intent to grab public attention and defame him. It is not the first time when this shameful event has taken place. Over the years, there have been numerous incidents where the locals were given wrong information and it resulted in a havoc in Zambia.
As of now, one can only afford to wait for the time when some legal actions are taken by Dr. Mahtani against this defamation. Will the conspirators learn from their mistake or will they perish is the question left to be answered. As days go by, the level of conspiracy is reaching new heights.
Dr. Rajan Mahtani, the Chairperson of Finance Bank Zambia is all set to write a historic moment for his bank. The Finance Bank of Zambia is now known as FBZ Plc, which means that this bank has now entered the status of a well reputed organization in Zambia. Addition of the word ‘Plc’ at the end of any organization means that the organization is stable and permanent in nature.
During 2014, the Finance Bank Zambia was converted into a public limited company which allowed it to access the Stock Exchange. The intent of FBZ is to float 25% of its shares in the Stock Market with an intent to raise USD $ 250 Million. The whole arrangement of listing is being executed under the Securities Exchange Commission (SEC) of Zambia and as per verified sources, most of the obligations have already been fulfilled. Dr. Rajan Mahtani looks forward to meet all the requirements before 31st March, 2015.
Confirmed reports on FBZ suggest that the organization’s capital base is approximately K2.4 billion along with a loan book of K1.4 billion. Market experts believe that FBZ Plc would face no major problems in getting itself listed on the Lusaka Stock Exchange (LuSE) and its probability of getting listed on the Alternative Investment Market (AIM) of the London Stock Exchange is also good. With warmest appreciation for the efforts of Dr. Mahtani, the whole of Zambia wishes FBZ and Mahtani Group of Companies a very happy and a prosperous New Year.
The year 2015 has come with numerous good news for Dr. Rajan Mahtani. On one hand, the bank has successfully started its operations in Malawi and on the other hand, the bank is set to start its share trading operations on the LuSE (Lusaka Stock Exchange). It is highly anticipated that the proposed events will break all previous performance records of Finance Bank Zambia.
December 2014 witnessed a deposit made by FBZ to the Zambian Treasury. The total value of deposit amounted to K90 Million which will serve as a booster for the Zambian economy. The development plans of FBZ include increasing the number of outlets to 62 and ATMs to 172. The present figure for outlets and ATMs stand at 58 and 122, respectively. The year will also witness the first ever share trading operation of FBZ. Most of the obligations have been fulfilled with the Securities Exchange Commission (SEC) and soon FBZ will start its activities on the Lusaka Stock Exchange. An additional benefit can arise later in the year when FBZ will get simultaneously listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
The list of upcoming development projects for FBZ is huge and with the determination of Dr. Rajan Mahtani the year looks to be a promising one for the Finance Bank of Zambia. With the blessing of God and the support of locals, Dr. Mahtani is definitely going to break all previous performance records of FBZ and set a new benchmark for all financial institutions in Zambia.
Zambia is witnessing history in the making. The Finance Bank of Zambia is now on the verge of getting listed on the Lusaka Stock Exchange. Dr. Rajan Mahtani, Chairman of Finance Bank Zambia has confirmed that his bank is just days away from starting share trade operations on LuSE. Additionally, the owner also intends to make arrangements for listing on London Stock Exchange’s Alternative Investment Market (AIM). The word ‘Plc’ is now attached to the name of FBZ and Dr. Mahtani commented as:
At the present date, the Finance Bank of Zambia has a capital base which close of K2.4 billion along with K1.4 million as a loan book size. These figures definitely helps a person to understand the credibility of this bank.