2.2 billion Airtel Malawi shares up for grabs
Airtel Malawi says 2.2 billion shares are on sale to Malawians from this Friday to January 31, 2020 and the company is encouraging individuals to seize the opportunity to be part of shareholders.
Airtel Malawi’s Managing Director Charles Kamoto made the announcement Tuesday during a press briefing at the company’s head office in Lilongwe.
He said this will be the largest Initial Public Offer (IPO) in the history of Malawi Stock Exchange (MSE).
On the day, the company was releasing its pre-listing statement in compliance with the MSE’s listing requirements to provide details about the listing on stock exchange.
Kamoto said the offer is going to open on Friday, 27th December, 2019 at 8 am and will close on 31st January, 2020.
“Shares are being offered at K12.69 per share. We have 2.2 billion shares that are on offer, which is representing 20 per cent of Airtel stake.
“The offer is primarily open to Malawians to support the cause that we have been pushing for; to ensure that we are in line with the expectations of the law, Communications Act of 2016,” Kamoto said.
He said individuals will be required to apply for a minimum of 500 shares.
“This, I must say, is the largest IPO in the history of MSE. We are very excited to break the record in Malawi Stock Exchange.
“This excitement, we do believe, will get infested in the whole country and make everybody to believe and participate in this offer,” Kamoto said.
The announcement follows MSE’s approval on Monday that Airtel Malawi can now place the offer to the public.
Airtel Malawi initially announced its intention to list on the Malawi Stock Exchange on 11th December, 2019.
“We are glad that we have managed to obtain that approval allowing us to be able to place the offer to the public in the IPO,” Kamoto said.
Investors can apply for the shares using Airtel Money by dialing *211#.
“Other than this, they will be able to buy shares through our receiving banks, namely, National Bank of Malawi, Standard Bank, FDH Bank Limited, NBS Bank and First Capital Bank,” he said.
Kaomoto explained that people should invest in Airtel Malawi because “it is a leading telecommunication service provider” with at least four million subscribers and has invested significantly in 3G and 4G network.
“To be part of this leading mobile operator in the country is a great story you could take advantage of.
“Currently, we are the widest 4G network in the country. Almost everywhere where we have coverage, we have 4G. This is causing usage of data to increase and supporting the growth story of Airtel,” Kamoto said.
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May I suggest you initially limit the number of shares to, say, 50,000 per person, otherwise the whole 2.2b shares will be bought by a handful of wealthy “Malawians of Indian origin” or Malawians whose wealth was ill-gotten. After all 50,000 shares per person translates to no more than 44,000 people.
Think about it.
This won’t succeed. There are just too many thieves at Airtel, particularly those working in the Sales Division of Airtel Money. Staff at Airtel Money have formed a sophisticated fraudulent scheme consisting of police officers, prison warders and vendors. CEO Kamoto and his boys are just watching. This nonsense does not happen at TNM Mpamba.
Bullshit