AHL Group financial woes: FDH Bank puts on sale Mzuzu,Chinkhoma aution floors, could fetch K3 bN

AHL Group formerly known as Auction Holdings Limited is in deep financial trouble which has forced one of the local banks to put on sale two of its three Auction Floors for sale at almost K3 billion.

Auction floors sales advert

Nyasa Times  can reveal that AHL Group is failing to come out of a K55 billion financial loss recorded over two years ago but was suppressed by senior management to paint a picture that all is rosy at the tobacco selling firm.

But FDH Bank, on Friday flighted a full page colour advert in The Nation newspaper calling for interested individuals and organizations to buy by tender the Mzuzu auction floors, property title number Lupaso 4/13 situated off Mzuzu – Karonga road at the price of K1.6 billion.

The property according to the advert consists of an auction floor and office block comprising of five offices which includes a Reception, Kitchen, water Closest and a Verandah.

“The property also has a cafeteria, a chapel, carports, a dinning shade and gate houses. Cash offers in excess of K1, 600,000,000.00 (One billion, six hundred million kwacha) are invited,” reads the advert in part.

The same advert also calls for offers for another commercial property at Kanyundo Village near Chinkhoma Trading Centre in Kasungu at K1,250,000,000.00 (One billion, two hundred fifty million kwacha).

Insiders said all is not well at AHL Group which is laterally failing to come out of the financial mess it created two years ago when it posted one of the huge losses in the history of the company amounting to K55 billion.

“The sad thing is that those who mismanaged the company are still running it now and the selling of these properties is the start of bad things to come. This company will collapse,” said a source.

AHL  has been in existence since 1938 and renowned for its contribution to tobacco marketing business over the years.

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Al-Fayeed
Al-Fayeed
2 years ago

Good move

Mtika
Mtika
2 years ago

Ana a dad

Mulomwe
Mulomwe
2 years ago

The Chinese and Indians will buy these properties as us Malawians are too skint to raise such kind of cash. The Chinese and Indians will now start selling tobacco; Malawians will be left with nothing. The suffering continues under the watchful eye of the of DPP and APM.

ELIJAH VERSUS BAAL
2 years ago

MULUZI CHIKAONDA SOLD ALOT OF PROPERTIES — PITALA GOODAL (DPP )SOLD MALAWI SAVINGS BANK –NOW AHL IS GOING–HOW CAN WE MOVE FORWARD LIKE THIS ??

Central
Central
2 years ago

Evance ka phd kogula kaja ngati kaja ka a malume anu a captain a football team aja, ajawaaaaaaaaaaaaa akulandila zokuba kudzela ku account ya ku bank aja……paja mumati ndani?……..mwaonekela nazo poyelatu apaaaaaaaaaaaaaaa!! Koma makosana a pa Thyolo ayimaliza Malawi ndithudiiiiiiiiii, kuona acb ili ndwiiiiiiiiiiiiiiiiiiiiiiiiiii kuchita kuoneka kuti yalandila chifupa cha mnofu wambiri bamboooooooooooo

Anselimo, nde mutani pa Chinkhomapooooooooooooooooooooooooo, anyamata munayesetsa kutipula, koma ataaaaaaaaaaaa zonse zalowa m’matumba mwa achakulungwa odziwa ma chinthu chimodzi chokha ndicho mtundu wa ma gates bamboooooooooooo!! Onani pano, ku MACRA dzamenya, AHL, kumenyanso bambooooooooooooo

Game Changer
Game Changer
2 years ago

The AHL CEO has single handedly brought this company, which just 10 years ago was cash-rich, down to its knees. He is the nephew to the president and he uses that relationship to intimidate the board. The corporate governance in the company is very weak. K44 billion loss in 2017, K19 billion loss in 2018 and another loss is on the cards in 2019. The sooner he is fired the better.

rrrrr
rrrrr
2 years ago
Reply to  Game Changer

44bn (2017).,..19bn (2018); 2019 loss could even be lower…moving towards 6bn loss….then profitability. Vuto ndi FDH Bank ….not AHL ….

Kambuku
Kambuku
2 years ago
Reply to  rrrrr

Inu a RRRRR you don’t see a problem with AHL posting 55Billion loss out of the blues??? you may construe it as moving in the right direction but Tobacco Industry economics can not pull AHL out of this mess in that smooth trend. 44Billion imeneyi enaake anasusapo. They had not been remitting Pensions at AHL where does the money GO!

Kanyimbi
Kanyimbi
2 years ago

Inu a FDH dikirani kaye musatsatse msanga boma la Chilima likupatsani ndalamayo coz chamba cha ma factory chija tidzikagulitsira ku AHL musapupulume a bank boma loganizira anthu pa May 21 likulowa tagwira mwendo ndithu.

Grace Mwenda
Grace Mwenda
2 years ago

DPP is there to finish us. AHL Group CEO is from Goliati, a relation to the Mutharikas and FDH is owned by another person from Thyolo. Its a calculated move to steal from Malawians. These matchonas don’t know how to run a government, they are good at stealing.

Wilson
Wilson
2 years ago

A bad apple in the making. Our economy is in a very poor shape. Businesses are downsizing and closing. rendering many people to be unemployed.

Kandawe
Kandawe
2 years ago

Koma pitala kuba mmmmm ndilibe naye Mawu ndipo apa akufuna kutichitaso za Malawi savings BANK

jogoda
jogoda
2 years ago
Reply to  Kandawe

mwangonkhumba pitala inu.

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