Malawi Catholics asked to raise K123m to settle Montfort Press loan with MSB

Catholic Church ‘s Archdiocese of Blantyre  has issued a statement urging members of the church in the archdiocese to raise K123 million to pay off a loan by Montfort Press, the oldest printing and publishing establishments in the country which was run by  the church and  was shut down because it was posting losses for years.

The church risks losing a building near Limbe Cathedral which may be possessed by Malawi Savings Bank (MSB) as it was used as a collateral in the loan deal.

“Under the years it was operating, it incurred a loan amounting to MK123 million and the security of the loan was the building that housed Montfort Press,” a statement by the Archdiocese said.

The Archdiocese, headed by Tarsizius Ziyaye,  is requesting  Parishioners  “to contribute money to repay the loan.”

Ziyaye: Biggest fundraising

Ziyaye: Biggest fundraising

A minimum of K1,000 is being asked from the Christians, saying “In unity, there is strength, let us join hands to contribute generously to save the property.”

The church let out all its stakes in the printing press to to Skipco Investments Limited, a former partner in the company.

The Archdiocese and Skipco Investments Limited entered into a management contract agreement in 2005 to run Montfort Press and Popular Publications Limited. In 2010, Skipco acquired majority stakes in the shareholding of the company.

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