Airtel Malawi has been listed on the Malawi Stock Exchange (MSE) market, breaking a Malawi Stock Exchange 10 year listing drought.
Airtel was listed om MSE board on Monday, February 24, 2020 at a ceremony held at Sunbird Mount Sochi Hotel in the commercial city of Blantyre, becoming the 15th counter and second telecommunications company on the Main Board.
The development has since seen the newly listed Airtel becoming the largest People’s Limited Company in Malawi’s history as on the first day shares which were offered at a price of MK12.69 per share, successfully moved to MK17.99.
Airtel Malawi Managing Director Charles Kamoto who was over the moon said the company is so glad that it has finally made it to the stock market and off course starting on an excellent note.
Kamoto said this marks the new era in as far as telecommunication business is concerned at Airtel and has since promised nothing but improved service delivery
The managing director further added that Airtel is optimistic about the outlook for the telecommunications industry and believes they are compnay positioned to benefit from the attractive growth prospects in the sector, which will as well benefit their shareholders.
“This is a good news to us that after a yearlong process, we are finally on the MSE list and also to hear that on the listing day the pricing increased with 41%, this is so incredible to us and we don’t take it for granted.
“MSE being a market it is difficult to predict what happens sometimes, but for us as Airtel PLC is to ensure that the company performs and we will do that with utmost diligence that it continues to perform and it will really grow,” said Kamoto.
He further added that through the years, Airtel has consistently invested in its infrastructure as its network is spanning more than 85% of the nation, making it the widest 3G and 4G network in the country and the fibre is also being deployed in key routes and cities.
In a separate interview, Malawi Stock Exchange Chief Executive Officer John Kamanga, said that the listing of Airtel on the stock market IS good news which should be celebrated by the country at large.
Kamanga said this means that 20 percent of Airtel Malawi benefits is now in the hands of the Malawian public, where people have the opportunity to share in Airtel’s businesses and make profits.
“Today is significant, not only on the books of Airtel Malawi but also for us at the Malawi Stock Exchange. The listing of Airtel Malawi adds another quality counter to our exchange as the 15th and biggest IPO yet to be delivered on the MSE since inception in 1994.
“We believe that the listing will ultimately be beneficial for all Malawians through growth in our capital markets and economy and look forward to more companies coming forward and listing on the exchange,” said Kamanga.
He further added that the listing, which has been based on Communications Act of 2016, adds to their broader goal of bolstering Malawi’s capital markets through the creation of additional investment opportunities for existing and new shareholders.