Malawi’s diversified investment and financial solutions services group, FDH Financial Holdings Limited, has extended the period for listing FDH Bank on Malawi Stock Exchange (MSE).
According to FDH, the bank is still in recapitalization process after buying Malawi Savings Bank (MSB).
FDH purchased 75 percent stake in MSB in 2015 and one of the terms for buying MSB was that the merged bank should be listed on MSE within three years.
FDH Chief Executive Officer (CEO) Thom Mpinganjira has however disclosed that the bank cannot be on MSE by June 30 this year.
Mpinganjira added that the shares are to be ready in 2019 following the recapitalization process to meet the standards of the Reserve Bank of Malawi (RBM).
The top boss of FDH earlier this week faulted government for lying on the status of MSB arguing the price could have been lower than the amount FDH paid.
He disclosed that FDH has since invested over K10 billion for the operations of MSB for the standards of the country’s central bank.
Companies that are listed on Malawi Stock market include, TNM, National Bank of Malawi (NBM), Illovo, and New Building Society (NBS).