Yet another Telekon IPO. This time its Telekom Networks Malawi. TNM intends to raise up to MWK 2.5bn. The offer is expected some time this month.
Malawi has one of the lowest penetration levels in Africa at only 7.6%. The penetration levels are expected to increase on the back projected GDP per capita growth of 8.1%.
Press Corporation currently owns 37% of the company. They will get diluted to 35% post IPO but in our opinion the increased liquidity is good news for them as well.