Zambia

IFLR1000 Reviews

Overview

Solicitors governing body: Law Association of Zambia

Competition authority: The Competition and Consumer Protection Commission (CCPC)

Financial regulator: Securities and Exchange Commission

IFLR1000 ranking categories in this jurisdiction: 

Financial and corporateProject development

Jurisdiction overview

Zambia was a protectorate of the British Empire until 1964, and became a republic immediately after winning its independence. The country is a member state of the Commonwealth of Nations, and English remains the official language. Zambia has large stocks of natural resources, particularly copper, and has experienced continuous political stability since its inception, making it a particularly attractive place for foreign investment.  

The Republic of Zambia’s legal system is based on English Common Law, and is also influenced by tribal customary laws, creating a dual legal system that can be applied in tandem across the country. In lieu of any established Zambian law, the constitution falls back on English law.

The legal market is very small, and lacks the presence of international firms, though they are involved on all the most significant transactions and projects. The three leading Zambian firms all have alliances with pan-African networks; the Africa Legal Network is associated with Musa Dudhia & Co, DLA Piper Africa Group with Chibesakunda & Co and LexAfrica is associated with Corpus Legal Practitioners. 

Financial and corporate
Corpus Legal Practitioners

Corpus Legal Practitioners, a member of Lex Africa, is a full service firm active across the financial and corporate space.

During the research period the firm advised lenders on financings and debtors on restructurings matters. 

In M&A the firm advised a seller in the telecoms sector, an acquirer on a mining sector deal, and a joint venture partner on the establishment of an airline. 

The firm also advised developers on regulation relating to building solar power plants in Zambia. 

Recent Deal Data highlights

•Industrial Development Corporation of Zambia/Ethiopian Airlines joint venture

•Liquid Telecommunications $35 million acquisition of 50% in CEC Liquid Telecom

•Stanbic Bank Zambia $20 million financing

 

Client feedback

"Lupiya Simusokwe from Corpus was excellent: responsive, anticipating client requirements, proactive in obtaining various legal/compliance clearances, knowledgeable and always available for advice/meetings, etc.  The firm's senior partners also took a keen interest in the transaction often joining meetings to build the relationship." - Capital markets: Structured finance and securitisation 

"The firm is very professional and provides excellent services." - Project development

Eric Silwamba, Jalasi & Linyama

Eric Silwamba, Jalasi & Linyama is a Zambian firm active in the financial and corporate areas.

During the research period the firm was active in the banking and capital markets areas. The firm’s work included advice to lenders on an acquisition finance deal and representing the issuer on a private placement on the telecoms sector.

Recent Deal Data highlights

·         Liquid Telecommunications Zambia $75 million acquisition of CEC Liquid Telecom

Musa Dudhia & Co

Musa Dudhia & Co is active in all areas of financial and corporate work. The firm is a member of the Africa Legal Network.

During the research period the firm acted for lenders providing finance to borrowers working in the infrastructure, mining, real estate and agriculture industries. 

The firm was active in M&A and worked for acquirers in deals in the telecoms, agriculture and real estate sectors. 

Additionally the firm advised debtors in the real estate and agriculture sectors on restructuring and insolvency matters.

Recent Deal Data highlights

•Agora Microfinance Zambia $2.5 million financing

•Liquid Telecommunications $35 million acquisition of 50% in CEC Liquid Telecom

•CDC Group $180 million acquisition of 15% in Liquid Telecommunications 

 

Client feedback

"Everyone we worked with was responsive and provided efficient and helpful assistance." - Financial services regulatory

"I am very happy with the service received. They provide frequent updates without prompt. They are always available to take phone calls and assist after hours where required." - M&A

"Mussa Dudhia & Co were extremely diligent and professional. They have a good corporate team." - M&A