Airtel Malawi has confirmed its intention to list on the Malawi Stock Exchange (MSE), but has not stipulated a deadline.
The latest development has evolved after the company and Regulator resolved an outstanding issue.
In October this year, the Malawi Communications Regulatory Authority (MACRA) fined Airtel Malawi K820-million (about US$1.1-million) for failing to comply with the 20% local minimum shareholding requirement in accordance with Malawi’s 2016 Communications Act.
The localisation of shareholding was to be done within two years from the date Airtel’s new licence became operational in February 2014.
MACRA director general Godfrey Itaye said this was in breach of the country’s communications law.
The regulator further ordered that the operator should pay K20-million for every 14 days that the company remained in breach of the shareholding requirement.
However, Airtel Malawi has since paid the fine and the regulator has decided to rescind the additional order.
Charles Kamoto, Airtel Malawi managing director, said the decision to list marked a significant milestone in the company’s evolution adding that the operator has invested heavily in its network.
“Listing on the Malawi Stock Exchange, Airtel Malawi now allows Malawians across the breadth and length of the country to be part of a shared journey and a story of success,” Kamoto said.
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