Umodzi Holdings seeks investors | The Times Group
Umodzi Holdings Limited, a government owned company, which owns Umodzi Park has revealed that it is developing a master plan to create the new business hub for the Lilongwe City.
The Umodzi Park which hosts the country’s first Five Star hotel and the Bingu International Convention Centre (BICC) was officially launched on Friday, but according to the company, this marks the beginning of the massive developments for the area.
Umodzi Holdings Chairman Francis Mbilizi said the plan is to have more hotels at the park, shopping malls, up market apartments, exhibition facilities, among others, to create more businesses at the area to make it the business hub the capital city lucks.
“We are developing the master plan to make further developments at Umodzi Park. Once we complete it, we’ll be calling investors to take up opportunities this place creates.
“However, any investor who brings forward any investment proposal now that is in line with the proposed master plan will be allowed here,” said Mbilizi in an interview.
This becomes a second idea of creation of a business hub in the Capital City following a thwarted idea to woo investors to invest at the proposed new business district, a place which is only covered by bush following bureaucratic processes that frustrated several investors.
Following the opening of Presidents Hotel, which has 130 rooms, including isolated 14 presidential villas, Umodzi Park is poised to attract business to the capital city through conference tourism as the facility has the capacity to attract and accommodate 2,500 delegates.
Mbilizi said Umodzi Holdings borrowed about US$6 million (K2.6 billion) to refurbish the facility, furnishing the empty building, reconfiguration and ground works.
The company has projected revenue of about US$9 million K3.8 billion this year, an upward revision from US$5 million they earlier projected.
The facility, being operated by Peermont Global of South Africa, has provided direct jobs to about 120 people with part time workers bringing the figure to about 300 people at times.
The world class facility was built with a US$90 million loan from Import and Export Bank of China but stayed for close to three years without use due to controversies that delayed identification of an operator.
Let us know what you think of this update and remember to add us on our facebook and follow us on our twitter. Make sure to come back daily for more awesome anime updates.
Quick Links: Malawi Banking News | Malawi Technology News | Download Business eBooks | Ten Signs You Are An Entrepreneur | What is a Managing Director?
Today’s top business story: Top Commercial Banks In Malawi
- Banks rue 40% tax on profits - March 31, 2023
- Economists speak on budget review - March 31, 2023
- Minister reiterates mining potential to economy - March 30, 2023