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[2007-06-26] FDH Board Okays Listing Plan FIRST Discount House (FDH) is on course for listing on the Malawi Stock Exchange after the firm's board agreed to the capital raising initiative in preparation for joining the bourse in August.
FDH will next month unveil an Initial Public Offering (IPO) to raise US$1.8 million to finance the setting up of a merchant bank. The merchant bank will commence operation after being issued with a licence from the Re serve Bank of Malawi.
The IPO will result in the slashing of shareholding by the discount house's three shareholders -- Kingdom Financial Holdings (KFHL), TF Mpinganjira Trust and Old Mutual. KFHL, with 40.16% will remain with 28.11%; TF Mpinganjira Trust will see its shareholding reduced to 27.89% from the initial 39.84%; Old Mutual will remain with 14% from the original 20% and the remainder-- 30% -- will be offered to the public.
Thomson Mpinganjira, FDH MD told Standardbusiness last week that the board, at its 12 June meeting, had approved the listing of the discount house in August.
"Approval was given by the Board to proceed," Mpinganjira said adding that the IPO will run from run from 9 July to 3 August with listing slated for 13 August "all things being equal".
Mpinganjira said FDH was now waiting provisional listing approval to proceed with listing from Malawi Stock Exchange having submitted all required documentation including Prospectus last week.
"RBM (Reserve Bank of Malawi) clearance or approval for FDH to apply for listing was the first regulatory clearance sought before the MSE were approached to book dates and pay deposit," the FDH boss said.
