OSK acquires, owns and runs compact furnished studios for young professionals, early-career workers and students. It acquires to own, not to sell, and takes a 30-year view of every building.
A furnished studio of about 25 m², close to work and study, at between ZMW 3,000 and ZMW 4,500 a month, depending on the floor. Every tenant shares a security checkpoint, CCTV, a borehole, a laundry and parking.
The building is run with four permanent staff and cloud systems for enquiries, leases, invoices and maintenance. Specialist work goes to contractors who are paid for results.
Construction uses SABS-certified steel and ready-mixed concrete from established suppliers. Every concrete pour is tested by Norside Labs, and Lusaka City Council certifies each stage.
Solar power backs up the grid and solar geysers heat the water. Gas stoves cut electricity use, and grey water is kept separate from black water. The design, building and operating team is entirely Zambian.
No 56 Kapeshi Road, Kalingalinga, in a growing commercial district east of the city centre.
K&M is the partnership of the two founders, Mafipe Chunga and Kupela Clarke, and the vehicle through which they hold their shares. It built the first building in four moves:
The listing applies the same model to the whole company. The founders sell 49% of OSK and receive the proceeds. They plan to reinvest them, through their development partnership K&M, in two new buildings, one already under construction. When finished, those buildings may be offered to OSK in exchange for new shares, after an independent valuation and with shareholder approval.
The Prospectus works through the numbers for a 31-studio block costing about ZMW 13.2 million. Borrowed at around 21% over seven years, the repayments would be about ZMW 427,000 a month against about ZMW 108,500 of rent. That gap is why lenders and most developers do not build for this market, and why OSK uses equity instead.
This is the Directors' plan, not a promise. Each new building is expected to come with 2,000,000 new shares.
200 shares are 0.0100% of OSK today. If you take up none of the new shares, the same 200 shares would be 0.00125% of the company by the end of 2030.
You will have the right to buy new shares in proportion to your holding first, through rights issues, unless shareholders vote to waive it. The Directors expect the value per share to hold up as assets grow. That depends on the price OSK pays for each new building.
New buildings come from the founders' company, K&M, so every purchase is a related-party deal. Each needs an independent valuation, technical due diligence, Board approval, shareholder approval and LuSE compliance. Deals above 6% of market value get extra scrutiny, and interested parties may not vote.
A Real Estate Investment Trust pays no tax at company level, but must pay out at least 80% of distributable profits. REIT status needs a minimum capitalisation of ZMW 50 million. The Directors expect the second building (due July 2027) and a third (due August 2028) to help OSK reach it. Conversion needs regulatory approval.
| Zambia's population | 21.9 million, growing about 3.4% a year (IMF) |
|---|---|
| Lusaka's growth | About 4.41% a year; the population rose 266% from 2000 to 2025 |
| Young people in Lusaka Province | Just under 1 million aged 20 to 35 (Labour Force Survey 2024) |
| Housing shortfall | About 1.5 million homes; 3.3 million by 2030 unless 222,000 are built a year (National Housing Policy 2020) |
| Land cost | Up about 20-fold since 2000, to about ZMW 4,166 per m² in the zones OSK targets |
Competition. The Directors have found no developer of scale focused on rental homes for young people in the city. Large players such as the National Housing Authority, REIZ, African Life and Prudential focus on commercial property or higher-end homes. That view is the Company's own and may change as others enter.
Five directors, three of them non-executive. All have completed, or will complete, the LuSE Directors Induction Programme.
Strategy and capital markets specialist with over 25 years in financial services. Former Chief Executive of the Securities and Exchange Commission of Zambia; earlier at McKinsey, Standard Bank South Africa, Old Mutual South Africa and Scottish Widows. PhD, University of Cambridge; MBA, University of Manchester.
Chartered accountant (FCCA) with over 17 years in consulting, 16 of them at KPMG, where he was Head of Advisory for five years. More than 15 years in construction and property. Co-designed OSK's operating systems and tenant payments platform.
Chartered accountant (FCCA, FZICA) with over 14 years in audit, financial management and advisory, including KPMG Zambia and Grant Thornton.
Architect and project manager with over 22 years on construction and infrastructure projects, including senior roles at the Ministry of Works and Supply and the Ministry of Infrastructure, Housing and Urban Development. Lead architect of the OSK developments. Member of the Zambia Institute of Architects.
Marketing, revenue operations and business development professional with over 15 years in strategic selling, stakeholder engagement and commercial growth advisory. BCom, Monash University; MSc Global Marketing, University of Liverpool.
OSK follows the Corporate Governance Code for Small to Medium Enterprises in Zambia and will report any area where it does not comply each year. An Audit and Risk Committee oversees reporting, controls and the external auditor. A Remuneration and Nominations Committee oversees pay and board appointments.
Half of each director's shares are held in trust by the Designated Adviser until the first audited results after listing. Half of those may then be released, and the rest one year later.
The Managing Director and the Chief Financial Officer receive ZMW 1 a year as directors. The CFO also earns ZMW 60,000 a year for financial management services. Each non-executive director receives ZMW 50,000 a year.
MCA Consulting Limited, which shares common ownership with OSK, provides accounting services for a fixed ZMW 5,000 a month for three years. Its work is audited each year by MPH Chartered Accountants.
| Designated Adviser, Sponsoring Broker, Transaction Adviser and Receiving Agent | Money Acumen Advisory Limited |
|---|---|
| Legal adviser | MAY and Company |
| Independent Reporting Accountant | iABC Associates |
| External auditor | MPH Chartered Accountants |
| Independent property valuer | Pam Golding Properties (Zambia) |
| Transfer agent | Corpserve Transfer Agents |
| Bankers | Stanbic Bank Zambia Limited |
