Malawi Communications Regulatory Authority (Macra) has said Airtel did not flout any regulations by listing only its GSM business and leaving out its mobile money business.
Some members of the public especially those interested to invest in shares were wondering why the company was allowed to separate the companies and list only one of the local bourse.
In an interview, Macra spokesperson, Clara Ngwira, said under their regulations, Airtel has listed the company they were interested in.
“Airtel were required by Reserve Bank to form another company for mobile money business. As Macra, we have not asked Airtel to list that company so what they are doing is not against the law,” Ngwira said.
In an earlier interview; Airtel Malawi Managing Director, Charles Kamoto, clarified that Airtel Money, or Airtel Mobile Commerce Limited has always been a separate business and was incorporated on June 11, 2009.
He said the holding company for the two separate businesses is incorporated outside of Malawi.
On December 31, 2019 Airtel Malawi issued an Initial Public Offer to raise about K27.92 billion through the sale of 2.2 billion shares at K12.69 per share.