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| FDH Stockbrokers is born |
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by
Aubrey Mchulu, 14 December 2006
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07:26:48
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The Reserve Bank of Malawi has approved the birth of a third stockbroking firm—FDH Stockbrokers Limited—a wholly owned subsidiary of financial securities firm First Discount House Limited (FDH).
FDH Stockbrokers join two others—Stockbrokers Malawi Limited (SML) and Trust Securities—which buy and sell shares and stocks on behalf of investors at the Malawi Stock Exchange (MSE).
FDH managing director Thom Mpinganjira said in a statement on Tuesday the establishment of FDH Stockbrokers Limited is part of the strategic realignment and diversification efforts mutually agreed by shareholders of FDH with Press Corporation Limited (PCL).
PCL disposed off its 30 percent shareholding in FDH about a month ago to enable the firm pursue various strategic initiatives some of which could have resulted in a conflict of interest with PCL investments.
Among other things, PCL through its subsidiary National Bank of Malawi has interests in SML—the country’s first stockbroking firm.
After PCL’s pulling out FDH is currently owned 40.16 percent by Kingdom Financial Holdings Limited of Zimbabwe, 39.84 percent by T. F. Mpinganjira Trust and 20 percent by Old Mutual plc.
Mpinganjira said FDH Stockbrokers will start transacting business on MSE in the New Year with what he called “proven experience in stockbroking and stock market operations.”
In saying the new firm has “proven experience” in the business Mpinganjira is perhaps banking on his experience as the first Malawian chief executive officer of SML where he served between September 1997 and March 2000 when he moved on to set up the MSE.
Besides Mpinganjira, FDH Stockbrokers also has FDH head of finance and company secretary Terence Nsamala who served as a dealer at SML for four years and Sydney Kampira, a dealer at FDH, who was the first CEO for Trust Securities Limited.
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