Following many announcements of listing on the Malawi Stock Exchange (MSE), the development has solidified as the bank has put up 1.38 billion shares in its Initial Public Offer, with a deadline of July 17, as the bank will officially be listed in August.

During a news conference in Blantyre yesterday, the bank’s Managing Director Elias Ngalande, said the offer represents a 20% stake in the bank, as the main targeted shareholders are both individual and institutional investors.

The listing follows compliance in a contractual obligation with the Malawi Government, after FDH Bank acquired the wholly government owned Malawi Savings Bank in 2015. With the announced IPO, an investor is required to purchase a minimum of 500 shares.

Ngalande also emphasized that the opportunity to invest in the bank was a rare one. “Opportunities to invest in the financial services sector are indeed rare as the last IPO for a bank on the Malawi Stock Exchange was in June 2007 [NBS Bank], while at the same time the financial services sector remains one of the most attractive investments on the MSE.” said Ngalande.