Monday, June 24, 2024

Matthews Mtumbuka launches Weagle Holdings Limited

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Mtumbuka (left) and Phiri cut a ribbon to mark the launch of the company

After working for 17 years for various companies, renowned engineer Matthews Mtumbuka has taken a growth path by establishing his company called Weagle Holdings Limited.

Mtumbuka launched the company on Wednesday in Lilongwe while stressing that they will focus on energy, management consulting, technology, food and beverage, and running a chain of stores, with an aim of creating wealth and job opportunities.

Speaking during the launch, Mtumbuka said the five companies under Weagle Holdings Limited have already employed 60 people at his Katoto Supermarket 1 and Katoto 2, Woodland Entertainment in Mzuzu and those working at the company’s offices in Lilongwe.

Unpacking the company’s business lines, Mtumbuka explained about the energy sector where he said the main focus will be renewable energy including solar systems.

“We will start by trading through bidding to supply energy equipment, materials and consumables to major players in the energy sector in Malawi. Energy is a big global challenge. Most countries don’t produce enough energy to meet their domestic and industrial needs.”

“The situation is far worse in Africa and most especially in Southern Africa where every country has acute shortage of electrical power resulting in non-ending load-shedding and power blackouts. In the medium to long term, we will go into energy operations through contracts for energy construction, maintenance and services. Our focus will be renewable energy,” he said.

Mtumbuka delivering his speech

On Management Consulting, the former Airtel Malawi executive said the company will provide solutions for management problems, especially the private sector.

“We also provide bespoke training for the middle managers, top leaders as well as Board Members for companies in the private and public sectors as well as Non-Governmental Organisations (NGO) world. We have a full spectrum of training courses in the field of Leadership and Management,” explained Mtumbuka.

On technology, Mtumbuka said the company intends to explore technology solutions in the financial sector like Fintech.

“We are partnering with proven brands in this space in Zambia and Uganda. We will also contribute to the development of the IT Enabled services (ITES) in Malawi. Noticing the big digital skills gaps in Malawi especially for the youth who are hungry to gain the skills to practice in this emerging sector, we are planning to offer up to 100 training courses in IT from mid-2024.”

“We are at an advanced stage of entering a Memorandum of Understanding (MOU) for eventual establishment of a franchise in Malawi with a leading IT Training Institute in India,” he said.

Guest of Honour at the event, Wisely Phiri, who is the CEO of Sparc Systems commended Mtumbuka for taking the wealth creation route.

“These are the ventures that we need to support for the country to achieve the Malawi2063 vision,” he said.

Several executives including the Malawi University of Science and Technology (MUST) vice chancellor, Professor Address Malata, attended the launch.

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