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Novi Weekly Wrap-Up - May 25th Edition

26/5/2014

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MTN Zambia takes the lead in mobile subscriber race
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MTN leaped ahead of Airtel to become Zambia’s biggest mobile service provider as of the first quarter of 2014. MTN had 4.26 million subscribers compared to Airtel’s 4.04 million. In terms of sim card registration, Airtel had 86% of their subscribers registered whereas MTN had 83%registered at the end of the first quarter. MTN increased their subscriber base by 7.5% in 2013 on account of improved quality of service as Airtel’s base decreased by 3.8% - their respective market shares where 42% and 44% as of end of year 2013.

It looks like the Zambian consumer has spoken loud and clear – Airtel had been market leader ever since they entered the Zambian market after acquiring Celtel in June 2010 (MTN had acquired Telecel 5 years before to enter the market) but after years of complaints about quality of service, the tide has finally turned. Even though MTN is more expensive in terms of pricing than Airtel, it simply provides relatively better voice and data services. The war over subscribers looks like it will be won more on quality and less on price – can Zamtel get in on this action as well?

Bayport Zambia taps LuSE Medium Term Note Program
Microfinance lender Bayport Zambia issued its maiden offering of K172m under the Lusaka Stock Exchange’s ‘Medium Term Note Program’ (MTNP) which has been in play since 2007. The initial offering was placed at K150m but will increase to K172m on account of strong investor appetite for the offering. The International Finance Corporation (IFC) was the anchor investor, taking up 35% of the bond offering (K60m). Bayport joins competitors Izwe Loans who have 4 bonds issued under the note program.

 Other entities that have had their note programs approved and listed include the IFC (K2.5bn) and Focus Financial Services (K400m). In the third quarter of 2013, the IFC issued a 4 year K150m bond under the note program yielding 15% per annum. Did this set an expensive precedent for other entities who issued/will issue bonds subsequent to that? We say this because the IFC local bonds are virtually a risk-less investment – rated triple A by Moody’s and S&P.
Zambia and Zimbabwe sign uni-visa agreement
Zambia and Zimbabwe signed a uni-visa agreement which takes effect from June 2014. The uni-visa was piloted in 2013 when the two countries co-hosted the UNWTO 20th general assembly. This is intended to boost tourist arrivals between the two countries. Zambia received 914, 576 tourist arrivals in 2013, up 6.5% from the previous year. 78.7% of the tourist arrivals originated from other African nations. Asia and Pacific arrivals declined by 30.9% year-over-year.

Zambian tourism has under-performed for years and even lagged Zimbabwe’s performance. More needs to be done to diversify the offerings for tourists, reduce pricing of accommodation and increase bed space. Transport and infrastructure is currently being addressed but can Zambian entrepreneurs take the proverbial ‘bull by the horn’ and take charge of this sector? According to World Bank data, African hotels, tours and tourist attractions generated over $36bn in 2012 – safe to say that Zambia was not a material part of that number.

The LuSE all-share Index closed the week at 6,030.31 points up by 0.07% from day's close.  A total of 3,850,998 shares were transacted in 17 trades generating turnover of K20,705,926. 
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    Trying to decipher this puzzle that is Zambia by using a variety of publicly available data (structured and unstructured) in conjunction with my own skill/experience.  * * *

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