ZAFFICO Shareholders Approve ZMW 475m Financing and Name Change
Shareholders of Zambia Forestry and Forest Industries Corporation Plc have unanimously approved key resolutions authorising major financing arrangements and a change in the company’s corporate name during an Extraordinary General Meeting (EGM) held on 15 December 2025.
The meeting ratified two facility agreements entered into with Indo Zambia Bank and Absa Bank Zambia, both funded through the Bank of Zambia’s Stability and Resilience Facility. The approvals will enable the company to access a combined total of ZMW 475 million to support its expansion and value-addition programmes.
Under the first resolution, shareholders approved the acquisition of ZMW 200 million through Indo Zambia Bank to finance the construction of a Particle Board Factory, with various company assets pledged as security.
The second resolution authorised a further ZMW 275 million facility through Absa Bank Zambia to close funding gaps in ZAFFICO’s value addition pipeline, including associated civil and mechanical works.
Shareholders also approved a special resolution to change the company’s full corporate name to ZAFFICO Plc, aligning its branding with its current market identity.
The Board of Directors said the approvals reflect strong shareholder confidence in the company’s strategic direction and growth plans. Shareholders were, however, advised to continue exercising caution when dealing in the company’s securities until the completion of the transactions.
ZAFFICO is listed on the Lusaka Securities Exchange under the share code ZFCO.
The announcement was issued with the approval of the Lusaka Securities Exchange, the Securities and Exchange Commission of Zambia and the company’s Board of Directors.
