Half Day Member Meeting

  • Half Day Member Meeting

    MEMBERS PRESENT
    1. ATC-M.Lipemba and E.Malili
    2. Perazim Investments-S. Chibwana
    3. Dayire Enterprise-C.Msungama
    4. Dayire Enterprise  -S.Mwalwanda
    5. Seven Seas Trading-M.Osman
    6. Fredrick Kawalewale
    7. Comtrade Express-Arthur Magombo
    8. SFFRFM-Sam Thunde
    9. Bongarette Minimart-A.Da Trindade
    10. TM Group-T.Hiwa
    11. MDS Resource Centre-E.Nthara
    12. Farm Depot-O.Muluzi
    13. Transglobe Produce Export-I.Moosa
    14. Bowe Farmer’s Cooperative-D.Phiri
    15. Bowe Farmer’s Cooperative- W.Molosi
    AGENDA
    • Progress made by AHCX
    -Price Filters
    -Post trade Process
    -Delivery Intention
    • AHCX in Future
    • Tabling Of Member issues,concerns,questions and suggestions
    WELCOME REMARKS
    The meeting was opened by Mr Daniel Chilima the Trade and Investment Manager, who welcomed all the members present and told them that it was an interactive meeting and encouraged them all to participate.
    He started by a brief introduction of all departments at AHCX and their roles on the exchange.
    PROGRESS MADE BY AHCX
    Mr Chilima spoke on the progress made by the trade and investment department and told the members that AHCX has managed to acquire more buyers including three international and have demand for big volumes of commodity a turnaround situation from before where we had more sellers than buyers.
    He also notified them about the introduction of price filters where a 5% plus or minus margin will be observed next trade day on the previous exchange price. The exchange determines price filters for the benefit of both buyers and sellers. He also spoke about the importance to observe post trade processes including delivery intention and retrade request by buying ARs and client sales report from selling ARs.
    On collateral management he told the members that  Karonga warehouse is open,Luchenza will be opened in a couple of weeks whilst plans are underway for warehouses at Mzimba and Mchinji.He encouraged the members to take advantage of logistics, aggregation and participate in client awareness and mobilisation campaigns to maximise their wealth.
    Mr Thandizo Shaba, the Inventory Manager appealed to all members to have time to meet the farmers as most depositors do not know them and normally ask the warehouse personnel to choose for them which put them in an awkward position. He also asked them to provide company profiles or brochures to be put on our website and warehouses.
    Anita Mulemba, the Risk and Compliance Manager told the members that MOU’s have been signed with Nepal Derivative Exchange to facilitate overseas trade in countries like India, China and Nepal. She also told the members that there is an introduction of penalty charges on withdraws and late deliveries.
    She also reminded members that requested to pay in instalments for their membership to honour their payments.
    The Head of Operations, Mr Davis Manyenje was the last person to address the members before the tea break. He extended his gratitude for the support, risk and criticism from the members. He assured them that the exchange is no longer on trial basis that system is in fully functional now and the business launch was a message that the exchange has taken off. He told the group that about 70% of the members are not active and he urged all to fully participate and informed them that if they need an officer from AHCX to assist in there deposit mobilisation they can always realise with the office.
    He told the group that there has been communication with various foreign exchanges in order for AHCX to learn and use their expertise. He spoke about Singapore and other SADC regions that are interested to be trading with us and that we have open orders for a lot of commodities and assured them that buyers are there.
    On receipt financing he said that most banks have come to the exchange and some MOU’s have been signed already i.e. FDH and NBS.
    AHCX IN FUTURE
    The Head of Operations said that AHCX has engaged EDF and IFC for financial assistance incase of banks failing to give out advances.
    He also said that talks are underway with Fusenet to link the exchange with their database so that members can see prices and other information on the local market.
    He said he would like to be having frequent meetings with the members to update each other and interact more than we are doing at present.

    Discussion Points with Members

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