New to shares? Start here.

A plain guide to buying shares in a company listing on the Lusaka Securities Exchange, for people doing it for the first time. It explains how things work. It does not tell you whether to invest.

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The basics

What is being sold?

Existing shares. The two founders are selling part of what they own, so the proceeds go to them rather than to the company. They plan to use the proceeds, through their development partnership K&M, to develop further buildings that are intended to be offered to OSK later. This is called an offer for sale. When a company sells new shares to raise money for itself, that is a subscription or rights issue, which OSK plans to use later to pay for new buildings.

What is the LuSE Alternative Market?

The Alt-M is the part of the Lusaka Securities Exchange for smaller, growing companies. The rules are lighter than on the Main Board and the risk is higher. Each Alt-M company must keep a Designated Adviser, a firm approved by the LuSE that advises it on the rules. OSK's is Money Acumen Advisory Limited. DotCom Zambia was the first company to list there, in December 2025.

What is a CSD account, and why do I need one?

Shares on the LuSE are electronic. They are held in your name at the Central Securities Depository (CSD). A licensed LuSE broker opens the account for you, usually with your NRC or passport, proof of address and photographs. If you have bought LuSE shares before, you already have one.

Buying in the offer, or after listing?

In the offer everyone pays the same fixed price, and you apply through the Receiving Agent or a broker. After listing the price moves with supply and demand, and you buy through a broker. Brokers and the exchange charge fees; ask your broker.

How would dividends reach me?

If the Board declares a dividend, the Transfer Agent, Corpserve, pays it to everyone on the share register on the record date. Keep your bank details up to date with your broker. The Board intends to pay out about 40% of distributable profits once a year after the audit, but any dividend is at its discretion.

Can I lose money?

Yes. The share price can fall below what you paid, dividends can be cut or skipped, and you may struggle to find a buyer. Invest only money you will not need for several years. Read the risks

Co-operatives and clubs

A group can pool its savings and buy as one shareholder. Before you do:

Agree it in writing. Record the decision in the group's minutes or resolution, with who may sign for the group.
Open one CSD account in the group's name, through a licensed broker, using the group's registration documents.
Decide how dividends are shared and what happens if a member wants to leave. Shares may take time to sell.
Apply once, in the group's name, with one payment from the group's account.

Ask the Receiving Agent which documents your type of group needs. Contact details

Pension funds, asset managers and companies

The Prospectus contains the Independent Reporting Accountant's report and the valuation by Pam Golding Properties (Zambia). During the offer, the certificate of incorporation, Articles, financial statements, valuation report, experts' consents and material contracts can be inspected at the registered office (Monday to Friday, 09:30 to 16:30 only) and at Money Acumen.

Document library

Questions and answers

Answers are updated during the offer from the questions people ask us.

When can I apply?

From Monday 26 October 2026 at 08:00 until Monday 16 November 2026 at 17:00. Payment must arrive by then.

What is the least I can invest?

200 shares, which is ZMW 2,552 at the offer price. Larger applications go up in multiples of 100 shares (300, 400, 500 and so on).

Do I need a broker?

You need a CSD account, which a licensed LuSE broker opens for you. You can then apply through the Receiving Agent or through your broker.

Can I pay with mobile money?

The Prospectus requires payment in Kwacha by bank transfer or another method the Receiving Agent approves. We will confirm the accepted methods here before the offer opens.

What if more people apply than there are shares?

Applications may be scaled down, with priority to a wide spread of shareholders across Zambia. Any money not used is refunded without interest within 10 business days of allotment.

Will OSK pay dividends?

The Board intends to pay out about 40% of distributable profits each year until any REIT conversion, and at least 80% after. Dividends depend on profit and cash and are never guaranteed.

Why list if the offer money goes to the founders?

The Directors expect listing to give OSK access to capital markets for future buildings, stronger governance and more transparency, and a way for shareholders to trade. The founders plan to reinvest their proceeds in two new buildings, which may later be offered to OSK for shares.

Has the SEC or the LuSE approved this investment?

The SEC approves the Prospectus for registration and the LuSE approves the listing. Neither guarantees the company, verifies the Prospectus, or protects you from losses.

Can I visit the building?

Yes, during the offer, Monday to Friday, 09:30 to 16:30 only. We cannot receive visitors at any other time, to respect the privacy, security and personal space of our tenants. The building is fully let. Contact details are on the Contact page.

Glossary

Allotment: The day shares are formally given to successful applicants.
Alt-M: The LuSE Alternative Market, for smaller and growing companies. Higher risk than the Main Board.
CSD: The Central Securities Depository, where your shares are held electronically in your name.
Designated Adviser: A LuSE-approved firm that every Alt-M company must keep, to advise it on the rules.
Dilution: Your percentage of a company falling because new shares are issued to others.
Dividend: A share of profit paid to shareholders when the Board declares one.
Free float: The shares held by the public and available to trade. For OSK, 49% after the offer.
Net asset value: What the company owns minus what it owes. Per share, ZMW 7.84 at 31 December 2025.
Offer for sale: Existing shareholders selling shares to the public. The proceeds go to the selling shareholders rather than the company.
Oversubscribed: More shares applied for than are on offer.
Prospectus: The legal document that describes the company and the offer. The only document to rely on.
Receiving Agent: The firm that receives applications and money during the offer. For OSK, Money Acumen Advisory Limited.
REIT: A Real Estate Investment Trust: a property company that pays no tax at company level but must pay out at least 80% of distributable profits.
Rights issue: New shares offered first to existing shareholders, in proportion to what they hold.
SENS: The exchange's news service. Price-sensitive news about listed companies is published there first.
Transfer Agent: The firm that keeps the share register and pays dividends. For OSK, Corpserve Transfer Agents.