Business

FMB Capital Holdings in growth drive

FMB Capital Holdings (FMBCH) has revealed plans to expand its footprints to other parts of the region as part of its investment growth drive.

This came out during the company’s annual general meeting (AGM) held recently in Blantyre.

FMBCH Chairperson, Terrence Davidson, said the firm was exploring a number of countries for possible investments in the region.

“One of the reasons of having businesses in multiple countries is that you are able to write the up and downs of the individual countries. If you had a business in just one country, when there are economic challenges that business is obviously affected.

“In the medium term we want to expand our footprint. I don’t think we will have any intention of going into South Africa but I think we do look at opportunities in other countries in the region,” Davison said.

FMBCH plc is a Mauritius-based holding company of the FMB Capital Group listed on the Malawi Stock Exchange and has banking and finance operations in five countries of Botswana, Malawi, Mozambique, Zambia and Zimbabwe.

At the AGM, it transpired that the company’s profits went down by 12 percent after it posted a $30.6 million (about K23.1 billion) profit in the year ending December 31 2018 when compared to $34.8 million (about K26.3 billion) profit that the company posted in 2017.

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