By Chisomo Phiri

BLANTYRE-(MaraviPost)-Tafika Holdings Limited has disowned rumours circulating in social media that its transaction deal with People’s Trading Centre (PTC) has flopped as a result of funders withdrawal.

The company says this a pure lie that has no any basis or merit.

Tafika’s Executive Chairman Arson Malola

In a statement, Tafika’s Executive Chairman Arson Malola clarifies that a Journalist who made the force claims in his article by quoting the company’s internal sources did not make any efforts to contact the company’s directors to confirm the status of transaction.

Malola says the sale and purchase transaction of the two was signed and finalized in March 2022 but is subject to regulatory approvals and that Tafika Holdings has taken over the management of the business where closing of the transaction deal will take place in the next weeks.

He says that currently, the business is in transaction hence the low stock levels.

“However, Tafika Holdings Limited is planning to commence and committed to stocking the stores in the next week or so.

” The delay has mainly been caused by supply chain constraints currently experienced in the country and regionally,” says Malola in a statement.

He adds, “Tafika Holdings Limited is working tirelessly behind the scenes to ensure that that our customers are served with the right range of products at affordable prices going forward as we implement robust internal controls.

“Whilst the company is undergoing the transaction process, we request that all stakeholders to be patient and bear with us for the next few weeks”.

Malola says the company is committed to recapitalizing the business and champion the turn around and implement the growth with entails, among others, the expansion of the number of People’s stores to not less than 200 in the next five years across the country, thereby creating employment for Malawians.

PTC is one of the largest retail stores of consumer goods in Malawi and is the leading retailer of groceries.

The company operates 20 stores in Malawi’s cities of Blantyre, Lilongwe and Zomba, with the vast majority of its stores in Blantyre.

It operates the stores under Peoples, SPAR, and Food Lover’s markets under license and franchise respectively.

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