Airtel Malawi has announced the adjournment of its 25th Annual General Meeting (AGM), which was scheduled for today May 31, 2024.
The decision comes as the company withdraws its audited financial statements for the year ending December 31, 2023 and its dividend recommendation of MWK0.977 per share.
In a statement, company secretary Hlupekire Chalamba said the move follows a re-assessment of the accounting treatment for certain US$-indexed tower lease contracts recorded on the company’s balance sheet.
The revision, made in consultation with statutory auditors, is expected to result in a negative retained earnings position on the balance sheet as of December 31, 2023.
The company intends to revise its financial statements for the year ended December 31, 2023, and restate the financial statements for the year ended December 31, 2022.
The revised statements will be published at a later date, yet to be announced.
Airtel Malawi emphasized that the revision does not impact its strategy, operating strength, and resilience.
The company remains focused on network investment, customer and revenue growth, containing costs, and diversifying currency sourcing to mitigate exposure to foreign exchange volatility.
