By Sharon Chirwa:
Local sugar maker, Illovo Sugar (Malawi) plc, has decried influx of smuggled sugar into the country, saying it is threatening its business.
The Malawi Stock Exchange-listed company said it was losing billions of kwacha due to an influx of illegally imported sugar.
This was revealed at the launch of the company’s Zikutheka Ndi Illovo Promotion that will see it giving away K50 million worth of prizes to about 686 consumers between July and September.
Illovo Sugar Malawi Head of Domestic Sales, Walter Nyamilandu, said if the illegal imports are left unchecked, the effects will be catastrophic.
“Business will not be as profitable as it was before. We are hoping that our stakeholders come to the party and stem the influx of illegal sugar. We have so many borders that are porous and we are engaging necessary authorities to deal with the problem.”
“We have not had a very good year. The market has been disrupted by illegal imports from Zambia, Zimbabwe and Mozambique,” Nyamilandu said.
Speaking on the promotion launched, Nyamilandu said the move was part of efforts to give back to its customers for unwavering support.
He said the promotion would see 40 people winning K50 000 every week, 100 people winning K100,000 each every month and six people winning K1,000,000 each as the grand prize.
Nyamilandu said the promotion was successful in 2018, hence the re-launch.
“Following public demand, we have re-launched the promotion this month because it was extremely successful last year and the traders and families out there were calling for it. So we are excited that we are fulfilling their wishes this month.
“We decided to give back this K50 million as a token of appreciation to people who support us” Nyamilandu said.