One of the growing commercial banks in the country, FDH Bank (MSE:FDHB) has on Monday officially listed on Malawi Stock Exchange (MSE).
FDH Bank is now be fifth bank to be listed and pushes the number of counters on the bourse to 16.
The bank’s share price has gained K5 in five trades to trade at K15 per share from the Initial Public Offer (IPO) price of K10.
At exactly 9:52 am, FDH Bank had traded 905 000 shares.
In his remarks during the listing at Sunbird Mount Soche in Blantyre, MSE board chairperson Winfold Masanjala said the listing marks a huge milestone in the existence of the MSE.
FDH Bank managing director Elias Ngalande expressed delight with listing with FDH Financial Holdings Limited holding 74.05 percent, Malwi Government 4.75 percent, MSB Employee Share Ownership Scheme 1.2 percent and the public has 20 percent stake.
The bank offered its shares to the public and initiated the intention to list the MSE to fulfill a contractual obligation with the Malawi Government as part of FDH Financial Holdings Limited’s acquisition of the then government wholly-owned Malawi Savings Bank (MSB).
FDH Bank Plc was incorporated on May 17 2007 and was re-registered as a public limited liability company under the Companies Act, 2013 on June 3 2020.
