Minority Shareholders Association of Listed Companies (MISALICO) says its members have lost fortunes as Airtel Malawi has announced a loss after tax for the year ended December 31, 2023.
The company has announced today that its loss after tax for the year in review is between K15.1 billion to K15.7 billion.
Frank Harawa, MISALICO General Secretary, said that the announcement means that there will likely be no dividend payment and the share price is likely to drop further.
“Some people bought the shares at K110 per share and they are now selling at K45 per share, which means they have made a huge loss and apart from that, they will have no dividend, this is a huge loss on us,” Harawa said.
In a statement signed by Airtel’s Company Secretary Hlupekire Chalamba, the telecommunications company says the development follows a re-assessment of the accounting treatment for US dollar-indexed tower lease contracts.
