The Malawi Stock Exchange (MSE) has said it has made headway towards accommodating mining companies on the local bourse, with reforms made on listing requirements to align with international standards.
MSE Chief Executive Officer John Kamanga said the stock market was reviewing Section 11 of its listing requirements, which provides guidance on the listing of mining companies, to accommodate firms operating in Malawi.
He told this publication on Monday, after hosting British High Commissioner to Malawi Leigh Stubblefield, that the market was ready to accommodate mining firms.
He said the restructuring would ensure that Malawi’s requirements are comparable to those of major international exchanges.
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According to Kamanga, the MSE had already held preliminary consultations with potential mining companies, some of which had started recruiting financial advisers to guide them through the listing process.
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“We are on course to making these companies get listed on the Malawi Stock Exchange and we are looking forward to working with them so that, at least, Malawians also can benefit by investing in these companies,” Kamanga said.
Among the mining firms the exchange had engaged are Mkango Resources Limited, Lotus Resources Limited, which operates the Kayelekera Uranium Mine in Karonga, and a company developing a rutile project in Mchinji District, among others.
The exchange had received technical support from the British government, which assisted in recruiting consultants to help review and refine the mining listing requirements.
Meanwhile, Stubblefield said her visit was aimed at understanding the role of the stock exchange in Malawi’s financial system and appreciating the support the United Kingdom Government was providing towards preparations for mining companies’ listings.
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“My impression is that the team is brilliant. I was very impressed by their expertise and by their commitment to making this work, and I wish them every success,” she said.
