There was a standoff between minority and major shareholders of Mpico plc on appointment of the company’s auditor for 2024.
This transpired during the firm’s 51st Annual General Meeting (AGM) in Blantyre on Friday.
When a motion was put to a vote, 13 shareholders voted against retaining the auditor while three voted in favor of the motion.
But there was a call for a poll where votes on a resolution are calculated by reference to the number of shares held by members present at the meeting in person, by proxy or corporate representative and members casting votes in advance.
At the end of the poll, it transpired that the 13 who voted against the motion were holding only 0.12 percent shares in the company and a proxy representing Old Mutual, which has 82 percent shareholding, voted in favor of the motion.
In an interview at the end of the AGM, Minority Shareholders Association of Listed Companies (Misalico) General Secretary Frank Harawa said the minority shareholders were not impressed with the proposed auditor’s reputation.
But Mpico board chairperson Edith Jiya said the board was keenly looking at the matters raised by the minority shareholders.
“We will be following through and our shareholders should be assured that if we get any information or development, we will be making necessary considerations,” Jiya said.
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