A group of industry captains and experts from various professional fields in Blantyre has ganged up to establish a social investment company dubbed Rural Development Investment Initiative Trust (Rudevit) limited.
Rudevit Limited is expected to become a group of companies as a private sector initiative by Malawians to spearhead investment in companies and industries that will utilise the wealth potential in rural areas of the country as a basis for an all-inclusive development agenda.
This follows the first members’ conference which took place in Blantyre Saturday.
Chairperson of the steering committee of the company, Hastings Bofomo Nyirenda, said the company is incorporated in Malawi as a company limited by guarantee where it will invest in a holding company to which the investing public and the corporate sector will participate in shareholding.
He indicated that to be a member one is expected to pay K20,000 as a donation but is also allowed to buy as many shares as possible in the holding company like any member of the public.
“Rudevit will invest in a holding company which will invest in several subsidiaries in the investible economic sectors of the country and for us to be guaranteed of the ability to raise sufficient capital, we have within it a fund company that will mobilise capital for investing into the subsidiaries.
“This is a Malawian initiative and it is looking into all areas throughout the country, areas for investment will be identified and brought before the board which will decide which projects to start with,” Nyirenda said.
General Secretary of the Minority Shareholders Association of Listed Companies, Frank Harawa, who attended the meeting, said he was happy with the initiative stressing it is providing the public an opportunity to invest while developing rural areas which the government has failed.
“This is a good innitiative that Malawians are putting together for the good of this country the interim committee has done a good job and I am impressed with the presentation they made on how the whole thing is going to be running, I definitely will invest in this company,” Harawa said.
The company is expected to roll out its operations early next year. Currently over 80 people have registered as members of the innitiative.