In 2007, we were part of the Press Corporation, MTL Consortium that bought 60% of Telekom Malaysia Berhad in TNM. In 2008, TNM was floated on Malawi Stock Exchange. It has embarked on network expansion, infrastructure upgrade and aggressive marketing.
TNM has steadily grown in terms of Subscriber base translating into Revenue growth and and maximization of Shareholders wealth. There is room for further growth as Malawi remains one of the countries in the region with a large chunk of the population without access to both electricity and telecommunication services.
TNM was Malawi's first mobile telecommunication company. It was launched in 1995. MTL and Telekom Malaysia Berhad were the founding shareholders.
Ulalo means Bridge in our local language rooted in Swahili. In our Business Philosophy, it stands for Bridging the Gap between Dependency to Self-reliance.
We have our eyes fixed on investments and projects which will contribute to Malawi economic development. Our vision is to emulate countries that walked out of poverty in two or three generations. Countries like Singapore. United Arab Emirate, South Korea among others. They inspire us to build a better Malawi for future generations. We view our poverty status as a temporary disability.
Ulalo got an initial seed capital from Southern Africa Enterprise Development Fund (SAEDF) in 2007. Established in October 1994, SAEDF was an initiative of the former South African President Nelson Mandela, former US President William Jefferson Clinton through an ACT of US Congress for the specific purpose of providing funding to emerging entrepreneurs - small and medium-size indigenous businesses throughout the Southern Africa.
SAEDF provided Ulalo with the seed capital totaling US$4.4m between 2007 and 2008. The Seed was invested in a fertile ground, telecommunication industry in Malawi, Telekom Networks Malawi (TNM) where it has grown tremendously. We successfully and dutifully repaid our financial obligations in full.
Today Ulalo is actively investing in other strategic areas in the renewable energy sector in Malawi and South Africa. We have diversified investments in other sectors of the economy.