BLANTYRE-(MaraviPost)—Malawi Congress Party (MCP), a party that could not afford party cloth until late business tycoon Sidik Mia joined them, has started swimming in affluence and its Kokoliliko Holdings is set to invest K77 billion in 28 projects in various sectors.
The firm’s director Daud Suleman disclosed this to journalists on Thursday in Lilongwe at the end of a three-day training for members of three cooperatives under the company.
He said the firm has already secured funding worth $50 million (K39 billion) from international financiers for its projects while the remaining $50 million will be raised locally through public shareholding initiatives.
Suleman said they will follow the cooperative model on their projects, with participants being part of investors through shareholding.
The company has formed three cooperatives, namely Kokoliliko Media, which will have a radio, newspaper and an online publications; the Protgrow Cannabis to grow and process medicinal cannabis; and Kokoliliko, which will implement several projects.
Said Suleman: “The cooperative model ensures that there is a safeguard net for everyone else. When we started Kokoliliko Holdings, there were questions about ownership and investment capital.”
He said the firm is targeting three million Malawians to participate to contribute minimal amounts in a cooperative model to raise capital locally.
Some of the projects lined up include mega farms to produce and process non-traditional cash crops into finished products, poultry and dairy production, among others.
However, information on how they will raise the money is still sketchy, prompting Malawians to speculate that the project is one way of siphoning public funds from the treasury into the ruling MCP pulse for the party’s activities.
The establishment of Kokoliko Holding Limited by renowned Malawi Congress Party (MCP) supporters had raised eyebrows, with the Centre for Democracy and Economic Development Initiatives (CDEDI) fearing for worse.
The company come out from Kokoliko Movement, an MCP youthful wing led by Suleiman which crisscrossed the country during the campaign period towards the June 23, 2020 fresh presidential elections.