According to the Acting Chief Executive Officer of the Agricultural Development and Marketing Corporation (Admarc), $300 million (about K222 billion) is needed for recapitalisation to ensure smooth operations, as the state buyer has been criticized for poor performance in the last several years. Admarc CEO Felix Jumbe said that even for the government as the majority shareholder, the sum is hefty so the government should loosen grip of its ownership, to let the company enlist on the Malawi Stock Exchange.

“We can raise money on our own as a limited company, but that will be limited to our assets that we can pledge as collateral for loans.” said Jumbe, “Alternatively, we can raise capital through listing on Malawi Stock Exchange if government relinquishes current 99 percent of its shares to the public.”

Jumbe suggested the above last week Thursday, when the Admarc’s management met four parliamentary committees, namely Agriculture and Food Security, Budget and Finance, Industry and Trade and Public Accounts. Last year, minority shareholders of Sunbird plc, urged the government to ease its 71% stakes on the hospitality giant. The Ministry of Tourism said the government is considering how best it could dilute its shareholding to make more room for minority shareholders.