Following concerns by the Minority Shareholders Association of listed companies, which felt that Airtel Malawi should have made plans to also enlist Airtel Money or Airtel Mobile Commerce Limited on Malawi Stock Exchange, MACRA said Airtel did nothing wrong.
Macra spokesperson, Clara Ngwira, said under their regulations, Airtel has listed the company they were interested in. “Airtel were required by Reserve Bank to form another company for mobile money business. As Macra, we have not asked Airtel to list that company so what they are doing is not against the law,” she said.
Airtel Malawi issued an Initial Public Offer of K27.92 billion through the sale of 2.2 billion shares at K12.69 per share. Airtel Malawi subscribers can buy the shares using the Airtel Money platform.