TNM Limited successfully concluded a significant IPO in Malawi in terms of shares offered to the general public. Critical review however reveals that little value was transferred to the general public. The shareholders of the company prior to the IPO instituted mechanisms of amassing substantial...

Share rights issue is one of the viable means by which public limited companies can raise additional cash at relatively low cost to steer growth or sustainably manage their debts. Minority shareholders can effectively increase equity stake in the situations where they can lobby majority...

Share premium has been one of the longstanding controversial topics in the financial accounting and corporate law with heavy debates for listed companies which are subjected to intense scrutiny. One of the major changes in the Malawi Companies Act 2013 was the abolition of issuance of shares at...

Prospectus of an issuer inviting potential investor for a public offering either as initial public offer or rights issue should be as accurate as possible so that post listing activities can be perfectly matched with the prospectus to guarantee that no material errors and misrepresentations were...

Social media is proving to be a driving force in our daily lives and businesses are not spared either. Malawi’s 2020 public offerings were marred with negative social media comments prompting issuers to respond in one way or another in an effort to instil public confidence. This study has...

Underwriters in public offerings provide invaluable service of guaranteeing that the issuer of shares would generate the desired cash to fulfil its strategic objectives. Underwriters bear enormous risks whenever there is undersubscription as they have to transfer cash to the issuer and figure it...