Monday October 5, witnessed Malawi’s biggest Initial Public Offer (IPO) in Malawi’s stock exchange history when TNM Limited, one of the country’s two mobile phone service providers put to offer over I billion shares to the public.
The company also broke record for becoming Malawi’s first telecommunication company to list on the Malawi Stock Exchange (MSE).
TNM Chairman Professor Mathews Chikaonda disclosed that the company intends to raise K2.5 bn.
“There is an appetite from people to invest in TNM,” he said adding that the company has plans to venture into massive expansion projects.
“There are various ways where a company can raise money and as a growing company we have massive expansion projects that need funding, so instead of borrowing from the banks we can also go to the capital market to raise money,” he explained