A statement by MyBucks S.A, the parent company of MyBucks Malawi, has revealed that Mpatsa Holdings has acquired 49% of the company, a move that has been attributed to debt restructuring of the Frankfurt-listed group.

According to the statement, the move is expected to reduce gross external debt to 25 million euros (about K21 billion), against which the company still holds financial assets of 10 million euros (about K8.5 billion). Figures in the statement show that MyBucks S.A. says it has reduced its consolidated indebtedness by 26.5 million euros (about K23 billion) through a disposal of GetBucks Limited Mauritius (holding its Botswana operation), and shares in its operations in Mozambique and Zambia.

Earlier this year, Mpatsa Holdings established a partnership with Zimbabwean based Shumba Group, a development that saw the introduction of a new pesticide on the market called Ecoterex, touted to be more effective in dealing with fall armyworms in maize fields.