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Wonderful Group of Companies has issued a US$500 million bond at the Botswana Securities and Stock Exchange (BSSE), seeking to raise finances for its various projects in Zambia.
Company Deputy Chief Executive Officer, Roy Mwamba, said the finances raised from the bond would go to projects like the construction of the US$600 million worth Urea Fertilizer Plant in Zambia.
Mwamba told Zambia Monitor in an interview that the company wanted to ensure that it completed the construction and commission the Urea Fertilizer Plant before the end of this year and continue to supply the region with the commodity.
He revealed that so far ABSA had brought in a US$100 million towards the bond and that the company would be utilising the funds as and when need arises for the construction of the various projects.
“So come December will be commissioning the Urea project and by this month, we are looking at the 5 Megawatts power projects and that way the group will access entry into the regional market,” Mwamba announced.
He stated that this would create more stability and credibility and help the country through the company to contribute to the regional integration agenda and create jobs.
Mwamba said the company wanted to expand its market having met the local market which currently requires about 400,000 tonnes of Urea and that the Wonderful Group was producing about 800,000 tonnes of Urea Fertilizer.
“The Urea Plant currently produces about 300,000 tonnes which we are beginning to expand. As a company, we are looking at the being a regional player in the market,” he said.
Mwamba stated that Wonderful Group of Companies wanted to ensure that Zambia became the regional hub for industries such as Fertilizer production and help government to create the needed revenue and jobs.
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