Rural Development Investment (Rudevit) Holdings has extended its initial capital raising period to March 31 2021.
Speaking in an interview on Monday, Rudevit Chairperson and Lead Promoter Hastings Bofomo Nyirenda said the firm saw high traffic towards end of January but people expressed willingness to buy more shares.
“There were so many requests from members who have found themselves in awkward situations with the second wave of Covid that has sent most people panicking and seeking more time to organise themselves,” Nyirenda said.
He was contented with the response from potential investors.
He, however, said, as of December 2020, the firm was yet to raise about K100 million out of its K10 billion target.
Meanwhile the decision to extend the period has excited some potential investors.
Mzuzu-based businessperson Wezi Moyo said it would have been hard for investors to purchase more shares in January since it is a lean period.
“If we take the Malawi farming calendar, January to around April are very lean months; people’s income starts picking thereafter. We still welcome the action by directors to extend the period,” Moyo said.
In November 2020, Rudevit got an approval from Registrar of Financial Institutions to raise an initial K10 billion capital from the public for investment in rural enterprises.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.