Read this page before you decide.
Shares in a newly listed property company can fall in value, pay less than you hoped, or be hard to sell. Here are the risks, what investing costs you, what else you could do with the money, and the assumptions the plan relies on.
The risks
The offer money goes to the selling shareholders Often missed
This is a sale of existing shares by the founders, so the proceeds go to them rather than to OSK. They plan to use the money, through their development partnership K&M, to build two further buildings that are intended to be offered to OSK later. OSK itself receives none of the proceeds, and its growth will come from its own cash and future share issues.
The offer money goes to the selling shareholders Often missed
This is a sale of existing shares by the founders, so the proceeds go to them rather than to OSK. They plan to use the money, through their development partnership K&M, to build two further buildings that are intended to be offered to OSK later. OSK itself receives none of the proceeds, and its growth will come from its own cash and future share issues.
"This Offer constitutes an offer for sale of existing shares by the Promoter and the Company will not receive any proceeds from the Offer. Investors should therefore note that the capital raised will accrue to the selling shareholder and not directly to the Company."Prospectus, Risk Factors
You may not be able to sell when you want Often missed
Alt-M shares trade less often than Main Board shares. You may wait for a buyer, or have to accept a lower price.
You may not be able to sell when you want Often missed
Alt-M shares trade less often than Main Board shares. You may wait for a buyer, or have to accept a lower price.
"Shareholders may experience difficulty selling their Shares or may be unable to realise their investment at desired prices or within preferred timeframes. While the Company has structured a free float of approximately 49% to encourage market participation, trading liquidity cannot be guaranteed."Prospectus, Risk Factors
Your percentage will shrink as new shares are issued Often missed
The plan adds 14 million new shares by 2030. Unless you buy your share of them, you will own a smaller part of the company.
Your percentage will shrink as new shares are issued Often missed
The plan adds 14 million new shares by 2030. Unless you buy your share of them, you will own a smaller part of the company.
"Investors participating in this Offer should note that the planned future share issuances will, absent participation in those issuances, result in a proportionate dilution of their percentage shareholding in the Company."Prospectus, Share Capital: Future Share Issuances
The Directors expect asset value to grow in line, so the value of each share should hold. That depends on the price OSK pays the founders' company for each new building.
All the income comes from one building
Fire, flood, a long water or power failure, rezoning or a decline in the area would hit revenue directly.
All the income comes from one building
Fire, flood, a long water or power failure, rezoning or a decline in the area would hit revenue directly.
"At present, the Company's revenue is derived from a single property complex. Any material event affecting this property ... could materially impact the Company's revenues and financial performance."Prospectus, Risk Factors. OSK plans to reduce this by adding buildings.
Demand for rooms could weaken
Jobs, inflation, rent affordability or new competition could lower occupancy, rents or the building's value.
Demand for rooms could weaken
Jobs, inflation, rent affordability or new competition could lower occupancy, rents or the building's value.
"Although historical occupancy levels have been high, there can be no assurance that demand for rental accommodation will remain at current levels."Prospectus, Risk Factors. OSK's response: conservative rents, high-demand locations, rent collected in advance.
New buildings could be late or cost more
Growth depends on new buildings. Delays, contractor problems, cost overruns or slow approvals would slow it.
New buildings could be late or cost more
Growth depends on new buildings. Delays, contractor problems, cost overruns or slow approvals would slow it.
"Construction delays, contractor underperformance, cost overruns, or delays in obtaining planning approvals could affect development timelines and the Company's ability to expand its property portfolio."Prospectus, Risk Factors. OSK's response: phased building, experienced contractors, fixed-price contracts where possible.
The business depends on a few people
Losing the Managing Director or a founder could disrupt strategy and operations.
The business depends on a few people
Losing the Managing Director or a founder could disrupt strategy and operations.
"The loss of key individuals, particularly the Managing Director or members of the founding team, could disrupt the Company's strategic direction or operational management."Prospectus, Risk Factors
Property values can fall
A severe downturn could reduce the value of property in Zambia, and with it the value of your shares.
Property values can fall
A severe downturn could reduce the value of property in Zambia, and with it the value of your shares.
"There is a risk that a severe economic event or downturn could result in a fall in the underlying value of property in Zambia."Prospectus, Risk Factors
Laws and taxes can change
Changes to company tax, rental tax, REIT rules or planning rules could reduce profit or slow expansion.
Laws and taxes can change
Changes to company tax, rental tax, REIT rules or planning rules could reduce profit or slow expansion.
"Changes in applicable laws or regulations, including changes to corporate taxation, rental taxation frameworks, REIT regulations or property development policies, could adversely affect the Company's profitability or expansion strategy."Prospectus, Risk Factors
Some services and buildings involve related parties
Some of OSK's services and development work involve the founders' companies. The Prospectus says this may give rise to conflicts of interest.
Some services and buildings involve related parties
Some of OSK's services and development work involve the founders' companies. The Prospectus says this may give rise to conflicts of interest.
"Certain services and development activities relating to the Company's operations involve related parties, including the promoter development entity. While these arrangements allow the Company to leverage the experience and capabilities of the founding team, they may give rise to potential conflicts of interest."Prospectus, Risk Factors, section 10.5. Safeguards: independent valuation, board oversight and, where required, shareholder approval. The Promoters do not vote on related party transactions.
Floods, water and power
Flooding, water shortages or power cuts can disrupt the building. Solar and a borehole reduce this risk but do not remove it.
Floods, water and power
Flooding, water shortages or power cuts can disrupt the building. Solar and a borehole reduce this risk but do not remove it.
"Property operations may be affected by environmental or infrastructure-related factors, including flooding, water supply disruptions, energy shortages or other environmental events."Prospectus, Risk Factors
Losing the Designated Adviser could suspend the listing
Alt-M companies must keep a Designated Adviser. Without one, trading can be suspended and the listing ended.
Losing the Designated Adviser could suspend the listing
Alt-M companies must keep a Designated Adviser. Without one, trading can be suspended and the listing ended.
"If the Company fails to retain a Designated Adviser at any time while listed on the LuSE Alt-M, the Company's listing may be suspended and, if the situation is not remedied within the period prescribed by the LuSE, the listing may be terminated without the prospect of an appropriate offer being made to minority shareholders."Prospectus, Important Notice to Investors
What investing costs you
Not only the share price. Rates below are dated; they change, so check them before you decide.
Direct
- The share price. ZMW 12.76 a share, from 200 shares (ZMW 2,552).
- Buying and selling later. Brokers and the exchange charge fees; ask your broker.
- Bank charges for paying the application money.
Indirect
- Time. Opening a CSD account with a broker, and reading the Prospectus.
- Money waiting. Your payment earns nothing while the offer runs. Refunds are paid without interest.
- Tax on dividends. The Prospectus states 15% withholding tax. Ask your adviser how it applies to you.
Opportunity
- A 364-day Treasury bill yielded 10.90% at the 17 September 2026 auction, before 20% withholding tax.
- A 12-month bank deposit paid roughly 7% to 14%, depending on the bank (Bank of Zambia survey, March 2026).
- Inflation was 6.1% a year in September 2026 (ZamStats). Money that earns less than this loses buying power.
What else you could do with the money
These are facts to compare, not a ranking. Each suits a different need. A licensed adviser can help you decide what fits yours.
| Option | Smallest amount | Where the return comes from | Getting your money out | Main risk |
|---|---|---|---|---|
| OSK shares | ZMW 2,552 (200 shares) | Dividends if declared (policy about 40% of distributable profits) and any change in share price | Sell on the LuSE Alt-M through a broker, when there is a buyer | One building, thin trading, dilution |
| 364-day Treasury bill | ZMW 1,000 | 10.90% yield (17 Sep 2026), less 20% withholding tax | Paid at maturity | Inflation; government credit |
| Government bond (10-year) | ZMW 1,000 | About 15.8% yield in the secondary market (25 Sep 2026), less withholding tax | Sell on the bond market, or hold to maturity | Price falls if rates rise; long lock-in |
| 12-month fixed deposit | Set by each bank | About 7% to 14% (Mar 2026); tax-free for individuals | At the end of the term; penalties if early | Rate may lag inflation |
| Buying a flat to let | A plot alone was ZMW 120,000 to 250,000 (Jul 2025) | Rent; agents quote 6% to 8% gross in Lusaka | Slow to sell, with transfer costs | Tenants, repairs, your own time |
| A listed REIT (REIZ) | One share; priced in US dollars | Dividends of at least 80% of profits | Sell on the LuSE Main Board | Dollar pricing, thin trading |
The assumptions behind the plan
The forecast in the Prospectus holds only if these do. Next to each is what happens if it does not.
- The 30% rent increase from February 2026 holds, with the building fullIf occupancy falls by 10%, EBITDA falls by about 9%, according to the Prospectus's own test.
- New, fully let buildings join in 2027, 2028 and 2029Revenue growth comes mainly from these. The Prospectus says a six-month delay to the 2027 building leaves the long-term path intact. A longer delay, or buildings not delivered, would not.
- Tax stays at an effective 12%Any rise in rental or company tax reduces profit and dividends directly.
- Dividends are paid at 40% of profit after taxThe Board decides each year. Lower profit, cash needs or building plans could mean a smaller dividend, or none.
Questions to ask yourself
- Can I leave this money untouched for five years or more? Property grows slowly, and Alt-M shares can be slow to sell.
- What happens if I need it back next month? Keep an emergency fund somewhere you can reach it.
- How much of my savings would this be? Putting everything into one company, however good, is a concentrated bet.
- Do I understand where my money goes? It goes to the selling shareholders, who plan to use it to develop further buildings that are intended to be offered to OSK later. OSK itself receives none of it.
- Will I take part in future share issues? If not, expect your percentage to shrink.
If you are unsure about any of this, speak to a licensed stockbroker, banker, lawyer or accountant before you decide. New to shares? Start here