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By Robert Kumwenda
The minority shareholders for Illovo Sugar Malawi pic have faulted the managing board for the company directors for their failure to pay dividend to the minority shareholders for the company.
Frank Harawa one of the concerned minority shareholders express his disappointment during the Annual General Meeting (AGM) for the company Wednesday in Blantyre.
He said they are not happy with the progress of the company since it came to the stock market.
“We are deeply saddened because we have learnt that it will take up to four years from now before the board directors start paying the dividends, this is not good for the country because huge sums of money is going to foreign companies as most of the board directors are foreigners,” he said.
Harawa said the AGM proposed the need for rights issue to raise capital for the board directors to pay dividends because they rely on the dividends.
He urged the board of Illovo to think twice about debts the company is holding because most of the money is going outside saying that it is now time for the minority shareholders to get the dividends.
Mark Bainbridge Managing Director for the company in his words said they will make sure that they start paying the dividends in future.
He said they have a five year comprehensive strategic plan aimed at delivering sugar to everyone every day.
Illovo Malawi is the biggest producer of sugar and plays a major role within the Malawian economy. It was incorporated in Malawi as a private company on 15 September 1997.
