Saturday, May 25, 2024

Illovo clocks 25 years on MSE

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Illovo Sugar Malawi, which is one of the sugar producers operating in the country, has clocked 25-years on Malawi Stock Exchange.

The company was listed in November 1997 with a market capitalization of around K1 billion, which has grown to over K300 billion.

Traditional dances, music performances, cake cutting and speeches characterized the Silver jubilee celebrations which took place recently at Mount Soche Hotel in Blantyre.

In his speech, Managing Director for Illovo Malawi, Lekani Katandula said the 25-year old journey has not been easy but fruitful.

On his part MSE Chief Executive Officer, John Kamanga said the listing of Illovo on the stock market has been profitable for both the company and investors. He also urged other companies to list on the market.

Illovo, which employs over 11 800 permanent and non-permanent people, supplies more than 60% of its total sugar sales into the domestic consumer and industrial markets, and a portion of the balance exported regionally within the sub-continent.

Exports also take place to the EU and the USA markets, which include a range of specialty sugars.

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