After long court bat t le between two shareholders – Mulli Brothers Limited (MBL) and Simama, in National Bus Company, the commercial court has finally allowed MBL to take over Simama shares in the company.
National Bus Company had three shareholders namely the Malawi government with 11.67 percent shares, MBL with 68.52 percent shares and Simama with 19.62 percent.
Following the court order, MBL now has 88 percent shareholding, government maintains its 11.67 percent while Simama no longer holds has any stake in the company.
Both MBL and Simama have confirmed the development in separate interviews.
Simama managing director, Abraham Simama, said indeed it is true that MBL has taken over the company shares in National Bus Company.
“I can confirm that we are no longer part of National Bus Company,” said Simama.
He could, however, not comment further on the matter, only stating:
“All I can say is that I give glory to God for what he has given me,” said Simama.
MBL managing director Leston Mulli also refused to comment on the court rulling but said as a majority shareholder, the company is working on revamping the company.
“We are in a process of bringing in new fleet [of buses]. Already two buses have arrived and they are in Lilongwe waiting for clearance,” he said.
He promised that there will be a complete change at the company and that and customers should expect improved services.
In 2012, Simama dragged Mulli to court for alleged irregular transaction s which led to the company losing over K200 million to MBL Holdings sister company.
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