FDH IPO set to close

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Stakeholders of FDH Bank will soon know whether Malawians have supported or rejected their bid to turn the bank into a public owned company.

The bank's Initial Public Offer (IPO) is scheduled to close at 5pm on Friday.

There is widespread interest in the outcome because of recent developments that have surrounded the bank.

One of these is a sensitive legal matter that has involved its founder and former chief executive Thomson Mpinganjira.

The Malawi Savings was acquired by FDH Bank on 3 July, 2016. Since then, a new government has entered office with a declared mission to correct some of the measures that were approved by the previous regime.

The new government has already announced a decision to offload its equity in the bank. Capital FM made several attempts, but without success, to obtain responses from FDH Bank.

Captains of industry, however, told our reporter that given these developments, it was difficult to predict the outcome of the bank's IPO.

The Malawian public was offered the opportunity to take up a stake of up to 20 percent in the bank. This included a special loan facility for the shares.               

 

 

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