ZAFFICO Shareholders Approve Major Financing and Corporate Name Change
ZAFFICO Secures ZMW475m Financing Approval as Shareholders Endorse Corporate Rebrand
Shareholders of Zambia Forestry and Forest Industries Corporation Plc have unanimously approved key resolutions authorising significant financing arrangements and a change to the company’s corporate name at an Extraordinary General Meeting (EGM) held on 15 December 2025.
The meeting ratified two facility agreements with Indo Zambia Bank and Absa Bank Zambia, both funded through the Bank of Zambia’s Stability and Resilience Facility. The approvals enable the company to access a combined total of ZMW 475 million to support its expansion strategy and value-addition programmes.
Under the first resolution, shareholders approved a ZMW 200 million facility from Indo Zambia Bank to finance the construction of a particle board factory. The facility will be secured against selected company assets.
The second resolution authorised a further ZMW 275 million facility from Absa Bank Zambia to close funding gaps across 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 legal identity with its established market brand.
The Board of Directors said the approvals demonstrate strong shareholder confidence in the company’s strategic direction, operational growth plans, and long-term value creation strategy.
Shareholders were, however, advised to continue exercising caution when trading in the company’s securities until the financing transactions are fully completed.
ZAFFICO Plc 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.
