According to mobile operator Malawi Telecommunications Limited (MTL), the decision by Press Corporation Limited to offload 80 per cent of its shares in the company, along with the US$1.9 million it owes Malawi Communications Regulatory Authority (MACRA), will not threaten its operations going forward.
This follows Press Corporation’s announcement in June when the business conglomerate said it will divest from MTL and cited several challenges within Malawi’s operating environment, including foreign currency depreciation, inflation and interest rates.
Malawi’s government, which holds a 20 per cent share in MTL, said the mobile operator was struggling due to a lack of capital investment from the major shareholder (Press Corporation).
The Malawi Minister of Information and Digitalisation Gospel Kazako said last year that officials were engaging Press Corporation regarding the company’s future.
Kazako said, “MTL possess a lot of questions that everyone must answer, and we need to find a solution.”
Recently, Gladson Kuyeri, MTL Chief Commercial Officer, said a new investor would take the company in a new direction but stopped short of naming the investor.
Kuyeri added that the debt owed to MACRA will be paid by June next year and assured customers that services would not be compromised.
He emphasised the entity’s continued investment in 4G and its “cheap and unlimited bundles” offer to the market. The operator is moving away from dependence on WiMAX, he added.
He said, “Our customers should not be worried because the new investor will help the company grow by investing in new technologies. We have discussed the debt issue with MACRA and have reached an agreement. They have given us up to June next year to clear the debt.”