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Invitation for expression of interest (EOI): Updating feasibility study report for the establishment of a development finance institution (DFI) in Malawi

Background

    1. In 2013, the Government of Malawi (GoM) through the Ministry of Finance, Economic Planning and Development (“MoFED”) under the Financial Sector Assistance Project (“FSTAP”) mandated a team of consultants to conduct a feasibility study (“Feasibility Study”) for the establishment of a development finance institution (DFI) in Malawi. Specifically, the study sought to provide answers to two key questions:
      1. Is a DFI in Malawi relevant?
      2. What form should the DFI be established to ensure it is successful and remains sustainable?
    2. The Feasibility Study report dated 16th December 2013 showed among other things, that a great need existed for the establishment of a development financial institution as there were significant gaps in the supply of and demand for financial services across a number of Malawi’s economic sectors particularly in finance for industrial infrastructure and for small and medium enterprises (“SMEs”) and start-ups thereby dwarfing the economic growth Malawi could attain.
    3. One of the key recommendations of the study was that the DFI should be established as a public limited company authorised under the Companies Act. Once the DFI has been established and attained the required level of track record to attract private investment, the initial investors should gradually invite the public to subscribe for equity.
    4. It is, therefore, important to update the feasibility study to afford new insights since 2013 and also close the knowledge gaps in relation to the initial findings. It is anticipated that the knowledge generated from the research would set the stage and map the way forward for the establishment of this entity in Malawi.
    5. The Government of Malawi (GoM) and CDH Investment Bank (CDHIB) on 3rd May 2018 signed a Memorandum of Understanding (MoU) to establish a private sector-led development financial institution in Malawi.  In the view of the GoM and CDHIB the gap in financial services that was identified by the 2013 feasibility study still exists particularly in the area of long term finance.

 

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Public Notice to Scheme Shareholders - Britam Insurance Company Limited

Britam Insurance Company Limited Scheme Shareholders are hereby reminded of the approved Scheme of Arrangement which is still ongoing since 18 April 2016. Approximately 72% of the scheme shares have been traded so far through Continental Capital Limited, formerly known as CDH Capital Limited.
All outstanding holders of the Scheme Shares are therefore advised to present to Continental Capital Limited original certificates relating to their respective Scheme Shares to receive payment proportionate to their shareholding (less appropriate taxes). In addition to presentation of original share certificates, shareholders shall be required to complete Know Your Customer (KYC) forms.

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CDHIB announces closing of a USD16.2 million rights issue transaction

NBS Bank Plc, a listed bank and a subsidiary of NICO Holdings Plc raised an additional growth capital through a public issue of new ordinary shares which were listed on 17th July 2017.

CDH Investment Bank, a leading investment bank in Malawi, assisted NBS Bank Plc, a subsidiary of NICO Holdings Plc and a company listed on the Malawi Stock Exchange (MSE) raise additional growth capital of USD16.2 million. The new shares were listed on the MSE on 17th July 2017.

In the rights issue, NBS Bank Plc issued an additional 2,182,930,017 ordinary shares, bringing the total issued number of shares for the bank to 2,910,573,356 and total market capitalization of approximately USD27.4 million.

CDH Investment Bank’s role in the equity capital raise transaction demonstrates that the bank has strong investment banking capabilities and remains able to deliver successful capital market transactions in Malawi.

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