Malawi Communications Regulatory Authority (MACRA) on Tuesday fined Airtel Malawi Limited, one of the country's leading network service provider a whooping sum of MK500 million for failing to comply with the minimum local shareholding requirements.
The company is yet to give its response but has been given up to the 25th of November 2019 to comply with the said requirement.
MACRA has also imposed a fine of MK20 million for every 14 days that Airtel will remain in breach of the requirement.
Under the Communications Act 2016 and the Telecommunications and Broadcasting Licensing Regulations which came into effect in 2016, It is a requirement for providers of electronic communication services to have a minimum of 20% local shareholding.
In the year in 2014, upon the renewal of its telecommunications license, Airtel committed itself to have a minimum of 20 percent local shareholding.
Airtel Malawi has since paid a total of MK820 million in fines and is expected to pay more if it continues to breach the conditions of their license.
Airtel intends to list on the Malawi Stock Exchange and is currently making the necessary arrangements for such listing with Malawi Stock Brokers Limited so that it complies with the local shareholding requirement.