KINGDOM Financial Holdings Limited (KFHL) regional expansion programme, is on course, following the issuing of a banking licence to its associate company in Malawi.
Standardbusiness was told last week that First Discount House (FDH), owned 40.16% by Kingdom, was given a banking licence by the Reserve Bank of Malawi on Thursday.
The licence has scope for merchant and retail banking as well as the formation of the building society.
Thomson Mpinganjira, the FDH head, said the licence enables the discount house to transform itself into a Kingdom model as a one-stop shop financial services company. FDH also has a stock broking company, FDH Stockbrokers.
"While FDH's listing was deferred, this licence approval means that implementation and roll-out of a bank will mean greater value for investors when the time comes for an Initial Public Offering," said Mpinganjira.
An FDH board meeting is slated for next Thursday to share the "good news" and map the way forward, he said.
FDH wanted to run an IPO this year to finance the setting up of a merchant bank.
The IPO and subsequent listing of FDH was assented to by the discount firm's board at a 12 June meeting. The IPO would have run from 9 July and closed on 3 August with listing slated on the 13 August, all things being equal.
The Malawian Stock Exchange told FDH that it had to get a licence first before running its capital raising initiative.
Had the IPO gone ahead KFHL's stake in the company would have been reduced to 28.14%. Other FDH shareholders -- T.F Mpinganjira Trust and Old Mutual -- would have remained with 27.89% and 14% respectively, with 30% of the shares open to the public.
T.F Mpinganjira Trust and Old Mutual have 39.84% and 20% shareholding respectively.
KFHL funding of the 40% of the licence costs will come from funds raised outside Zimbabwe through a public issue of Kingdom Meikles Africa Limited (KMAL) shares, Nigel Chanakira KFHL group CEO told Standardbusiness Friday.
"The appetite in South Africa, United Kingdom and Russia for KMAL stock has been encouraging," said Chanakira, who chairs the FDH board.
Sunday, 25 November 2007
The King of Mann Asks Royal Cousins and Celebrity Friends for Help with AIDS Charity
King David of the Isle of Man promotes his Malawi Missions Project benefiting sub-Saharan AIDS orphans with the support of major celebrities and entertainers.
London, England (PRWEB) November 25, 2007 -- The de jure King of the Isle of Man and American businessman, David Drew Howe, is launching a new endeavor, 'The Malawi Missions Project.' Created to bring attention and help to sub-Saharan AIDS orphans, the King is using his titular status as the reigning monarch of the Isle of Man to bring assistance to a cause that is dear to his heart.
The Isle of Man is home to 80,000 people. It is part of the British Isles, an archipelago off the north-western coast of mainland Europe. The island lies in the Irish Sea, approximately equidistant between England, Scotland and Ireland. The Island has been a British Crown dependency for the last 240 years, with the monarchs of the United Kingdom serving as the de facto sovereigns with the title 'Lord of Mann.'
King David is a direct descendant of the Stanley Kings of the Isle of Man and a cousin of the British Royal family. Last year His Majesty submitted his claim to the Isle of Man throne to HM Queen Elizabeth II's Stationary Office (HMSO), which handles all matters of crown copyright. After a 4 week investigation, the London Gazette, Her Majesty's official newspaper of record, published this claim dated Friday 19th January, 2007. The gazette notice went unchallenged, and King David was crowned King of the Isle of Man on Friday 30th March 2007.
King David became interested in the plight of the Malawi people after close friends returned from their travels there in 2006. "I was overwhelmed by the pictures and the descriptions from my friends. AIDS has ravaged the adult population. The sheer numbers of orphaned children is heartbreaking. I simply can't imagine what it must be like for a child living in poverty without the support of a loving family. Just hold an image of that child in your mind and multiply it by over one million."
UNICEF estimates the infant mortality rate in Malawi is twice the international average. There are roughly 70,000 deaths of children under the age of 5 in Malawi annually. The total population is 13 million with 14% of all Malawians above age 15 infected with HIV/AIDS.
Earlier this year, King David's official website was launched. Highlighted is the Malawi Missions Project. The project features efforts to bring crucial relief to Malawi orphans and other sub-Saharan AIDS orphans. In addition, King David recently launched his official MySpace page with a focus on Malawi. "MySpace is an excellent way for us to get the message out. We have really been welcomed there and I am happy to receive the support," said David. King David's official MySpace page features a cadre of friends that are the who's who of the entertainment industry and royalty. "Princes William and Harry and HSH Prince Nikolaus von Habsburg have linked to our page. Actors such as Sean Connery, Tom Hanks and Leonardo DiCaprio have joined us. We have also been fortunate to have major artists like Madonna, Sting, Elton John, James Taylor, Robin Gibb and John Mayer join us. Renowned designer and Provost of the Royal College of Art, Sir Terence Conran, also joined us."
King David's Malawi Missions Project is not just about raising awareness. It is a call to action. The Malawi Missions Project has begun to receive offers from artists donating their work to be sold at auction. 100% of the net profits will go directly to established relief organizations benefiting sub-Saharan AIDS orphans. However, King David says, "We need more artists and celebrities to come forward to help with our efforts." Items requested range from autographed albums, CD's, DVD's, concert tickets, original works of art, celebrity memorabilia, cash donations, etc. "We will be auctioning off King of Mann honours and a title of nobility," said King David. "The Holidays bring out the spirit of giving and we hope that through our efforts we can generate over $1 Million in relief."
If you would like to offer your support, please contact King David at his official website www.royaltyofman.com or his MySpace page www.myspace.com/royaltyofman.
London, England (PRWEB) November 25, 2007 -- The de jure King of the Isle of Man and American businessman, David Drew Howe, is launching a new endeavor, 'The Malawi Missions Project.' Created to bring attention and help to sub-Saharan AIDS orphans, the King is using his titular status as the reigning monarch of the Isle of Man to bring assistance to a cause that is dear to his heart.
The Isle of Man is home to 80,000 people. It is part of the British Isles, an archipelago off the north-western coast of mainland Europe. The island lies in the Irish Sea, approximately equidistant between England, Scotland and Ireland. The Island has been a British Crown dependency for the last 240 years, with the monarchs of the United Kingdom serving as the de facto sovereigns with the title 'Lord of Mann.'
King David is a direct descendant of the Stanley Kings of the Isle of Man and a cousin of the British Royal family. Last year His Majesty submitted his claim to the Isle of Man throne to HM Queen Elizabeth II's Stationary Office (HMSO), which handles all matters of crown copyright. After a 4 week investigation, the London Gazette, Her Majesty's official newspaper of record, published this claim dated Friday 19th January, 2007. The gazette notice went unchallenged, and King David was crowned King of the Isle of Man on Friday 30th March 2007.
King David became interested in the plight of the Malawi people after close friends returned from their travels there in 2006. "I was overwhelmed by the pictures and the descriptions from my friends. AIDS has ravaged the adult population. The sheer numbers of orphaned children is heartbreaking. I simply can't imagine what it must be like for a child living in poverty without the support of a loving family. Just hold an image of that child in your mind and multiply it by over one million."
UNICEF estimates the infant mortality rate in Malawi is twice the international average. There are roughly 70,000 deaths of children under the age of 5 in Malawi annually. The total population is 13 million with 14% of all Malawians above age 15 infected with HIV/AIDS.
Earlier this year, King David's official website was launched. Highlighted is the Malawi Missions Project. The project features efforts to bring crucial relief to Malawi orphans and other sub-Saharan AIDS orphans. In addition, King David recently launched his official MySpace page with a focus on Malawi. "MySpace is an excellent way for us to get the message out. We have really been welcomed there and I am happy to receive the support," said David. King David's official MySpace page features a cadre of friends that are the who's who of the entertainment industry and royalty. "Princes William and Harry and HSH Prince Nikolaus von Habsburg have linked to our page. Actors such as Sean Connery, Tom Hanks and Leonardo DiCaprio have joined us. We have also been fortunate to have major artists like Madonna, Sting, Elton John, James Taylor, Robin Gibb and John Mayer join us. Renowned designer and Provost of the Royal College of Art, Sir Terence Conran, also joined us."
King David's Malawi Missions Project is not just about raising awareness. It is a call to action. The Malawi Missions Project has begun to receive offers from artists donating their work to be sold at auction. 100% of the net profits will go directly to established relief organizations benefiting sub-Saharan AIDS orphans. However, King David says, "We need more artists and celebrities to come forward to help with our efforts." Items requested range from autographed albums, CD's, DVD's, concert tickets, original works of art, celebrity memorabilia, cash donations, etc. "We will be auctioning off King of Mann honours and a title of nobility," said King David. "The Holidays bring out the spirit of giving and we hope that through our efforts we can generate over $1 Million in relief."
If you would like to offer your support, please contact King David at his official website www.royaltyofman.com or his MySpace page www.myspace.com/royaltyofman.
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