Airtel Malawi committed towards 20% local shareholding compliance
Airtel Malawi Managing Director on Tuesday told Minister of Information Communication and Technology Mark Bottoman that it is working towards complition process of 20 percent share holding requirement by Malawi Communication Regulatory Authority (Macra).
Kamoto made the assurance at the company headquarters when the Minister conducted familiarization tour where he wanted to appreciate a number of issues at the company.
Kamoto said the process is Progressing very well and that soon the company will be listed on stock exchange.
On network problem, Kamoto said his company is still expanding its network base to enhance network viability and soon such problems will be minimal.
Taking his turn, Minister said he came at the company to appreciate challenges which the company is going through.
He said Airtel is going through some reforms so he came to be updated on the progress such as 20 percent shareholding requirement.
He said for example he requested to hear update on drop calls.
“I can say am satisfied with the explanation by the company leadership,” He said.
Bottoman commended Airtel Malawi for employing 500 People and 22,000 agents.
The Malawi Communications Regulatory Authority fined Airtel Malawi Limited the sum of MK500 million for failing to comply with the minimum local shareholding requirements.
Further to this The Authority also imposed a fine of MK20 million for every 14 days that Airtel will remain in breach of the requirement.
Airtel had up to the 25th of November 2018 to comply to this requirement.
Under the Communications Act 2016 and the telecommunications and broadcasting Licensing Regulations which came into effect in 2016, it is a requirement for providers of electronic communication services to have a minimum of 20% local shareholding.
In 2014, upon the renewal of its telecommunications license, Airtel committed itself to have a minimum of 20% local shareholding.
Airtel Malawi has since paid a total of MK820 million in fines.