Marcopolo Tiles Company Limited has announced its first dividend to its stockholders, totaling K72 million.

When accepting the dividend cheque on behalf of other shareholders, Industrial Development Corporation (IDC) Group Chief Executive Officer Mateyo Kaluba praised Marcopolo Tiles for generating an excellent performance in the financial year 2020, despite tough conditions caused by the COVID-19 pandemic.

Mr. Kaluba further expressed gratitude to the company’s refusal to let the COVID -19 pandemic or the negative press that accompanied their investment, distract them from their primary goal of expanding the business.

He noted that the corporation’s strategic investment has created 700 direct jobs, a new value chain in the manufacturing sector, and repositioned Zambia from a tile importer to a regional exporter.

Speaking at the same event, Acting Chief Executive Officer of Marcopolo Tiles Roy Mwamba attributed the company’s success to a staged approach to establishing itself as a strategic investor in Zambia.

Mr. Mwamba explained that Marcopolo Tiles is currently operating at phase three, which he hinted to be the manufacture of sanitary goods, which will be the first in Zambia and the region and will begin in the second week of August this year.

The firm will begin manufacturing high-dimension tiles, which are now only produced in Eastern Asia and Europe,

he said.

The IDC bought 22.61 percent of Marcopolo Tiles in August 2020, while NAPSA and WCFCB bought 16.39 percent and 10%, respectively.

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