Bullets ownership change is a non-starter – Trustees

Nyasa Manufacturing Company (NMC) will not be able to take over ownership of the country football power house which they are currently sponsori, Nyasa Big Bullets, at least for now as  the  club’s board of trustees  has blocked the move.

Nyasa Company official interested in Bullets takeovr
Dimitri: Nyasa Company official interested in Bullets takeover

Bullets supporters have  been pushing for the ownership to be transferred to Nyasa whose director Dimitri Kalaitzis expressed willingness to fully own the club.

The supporters hope that the takeover would lead into NMC constructing a stadium, a club house and further improve its financial situation.

But Bullets board of trustrees  turned down the proposal during the club’s extraordinary general meeting (EGM) held in Lilongwe, arguing that it is impossible to change ownership because the club was registered under the Trustees Incorporation Act.

“Total ownership change is a non-starter,” declared board of trustees vice-secretary Victor Msowoya.

However,  he said an agreement will be made at a later stage “where a certain percentage say 20 or 30 percent can be bought by any investor, but we are not particularly targeting to sell the shares to Nyasa.”

But l awyer Trouble Kalua  has argued that it is possible to effect Bullets ownership takeover by changing its registration from a Trust to an entity or Limited Liability.

“It is not utterly impossible to transfer ownership. What is needed is that the club needs to deregister as a Trust because most of institutions registered under Trustees Incorporation Act are churches and charitable organisations.

“If deregistration has been effected then the club can be registered as a profit making institution either as an entity or a trust,” the lawyer said as quoted in the local press.

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Wa NBB weniweni
Wa NBB weniweni
5 years ago

I now know the people that are profiteering from NBB’s lack of ownership – the trustees. How on earth do they make matters difficult as if the status of organisations cannot be changed? The process is as simple as “Trouble” has put it. Simply deregister it and register it under the Companies Act as Limited Liability Company to enable prospective investors buy shares in the company. As long as NBB remains a TRUST don’t expect anything good to come out of it. Zimatiwawa ndife ma supporter tikamapereka ndalama zathu pa gate kuti team ipeze chuma which unfortunately ends up in… Read more »

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