Nyasa Manufacturing Company (NMC) is on the verge of taking over legal ownership of Nyasa Big Bullets after accepting the People’s Team’s proposal to transform the giant into a self-sustainable company.
In a statement which NMC Managing Director, Konrad Buckle, signed on August 2 alongside Finance Director, Fleetwood Haiya, they promised to, among others, list Bullets on the Malawi Stock Exchange “within five years and offer at least 30 percent of the shares to any interested supporter, investor or general public.”
Bullets, through a Steering Committee led by Chairperson, Noel Lipipa, presented its proposal to the cigarette manufacturer in respect of resolutions from an extra-ordinary general meeting (EGM) held in Lilongwe on June 18.
The committee was given 60 days to facilitate the transition of turning Bullets into a commercial entity by dissolving the Board of Trustees, which James Bussiley chairs, in exchange for NMC’s take-over.
Bullets offered the team’s ownership to NMC on condition that the company must buy a bus and construct a stadium, offer 10 percent of shares to supporters at nominal value, include directors appointed by the fans in the board, inherit debts and liabilities and entertain other investors in the club.
In the response, NMC further promised to secure the team a bus within six months, construct a 10,000-seater stadium within five years, acquire training ground within one-year, a club house in Mzuzu, Lilongwe and Blantyre within three years, maintain and improve the team’s academy.
“NMC commits to take over the team’s verified and confirmed debts and liabilities and they shall be settled within six months. NMC commit that supporters, through their appointed directors will be part of the club even after the transfer of the ownership,” Buckle and Haiya added in the statement.
In a statement, Bullets General Secretary Albert Chigoga, Tuesday said they would hold another EGM to present “the NMC’s responses to the delegates and endorse the transfer of ownership to Nyasa Manufacturing Company.”