How Malawian investor Joshua Mbele’s journey takes a new turn with Mpaladizo resort deal

Joshua Mbele is a Malawian entrepreneur and investor whose business career has spanned telecommunications, listed companies, technology, energy and property, with investments and operations historically linked to Malawi, South Africa and China.

He is the founder and chief executive of Ulalo Group, an investment platform he established after working for multinational companies including BHP Billiton and MTN. Academic research published in 2022 identified Ulalo Capital Investments as a family business established in 2005 and owned by Mbele, with a South African parent company and Malawian operating company.

Joshua Mbele’s latest business milestone has come through property and hospitality, where an investment associated with him has attracted institutional capital from Malawi’s Press Corporation.

Mbele’s Ulalo platform targeted corporate investments

Joshua Mbele’s transition from multinational employment into entrepreneurship saw him build Ulalo as a diversified investment platform.

In a 2013 interview, he said he had spent almost 24 years in South Africa and had worked with BHP Billiton, MTN South Africa and MTN Nigeria, alongside consulting work involving telecommunications software and applications. He described Ulalo as having operations in South Africa, Malawi and China.

Historical accounts identify Ulalo Capital Investments Malawi as a holding company with interests in listed Malawian businesses, with telecommunications among its largest investment areas. One of its most notable investments was through Ulalo Telecoms, which acquired a minority interest in Telekom Networks Malawi.

The Ulalo-TNM investment became contentious

The TNM investment subsequently became the subject of a prolonged dispute. Ulalo Telecoms initially held about 3% of TNM and later sought to increase its stake to approximately 5%. Joshua Mbele alleged that Ulalo had been charged substantially more than previously agreed for TNM shares, resulting in significant losses.

Those allegations historically were disputed and formed part of broader corporate and legal disputes involving Mbele, Ulalo and executives associated with TNM and Press Corporation.

Joshua Mbele also publicly associated Ulalo with investments in other listed companies, including Sunbird Hotels and Mpico, although the available evidence does not establish whether those positions remain part of his portfolio today.

Joshua Mbele’s investment interests also extended into energy. Ulalo was associated with a proposed 200-megawatt solar project in Malawi, including a project in Dedza East. More recently, his business interests have moved toward property and hospitality.

Press Corporation acquires Mpaladizo stake

In September 2026, Press Corporation Plc acquired a 70% controlling stake in Mpaladizo Beach Resort in Salima from Wild Coast Estates Limited. PCL described Mpaladizo as a premium lakeside property and said the transaction supports its strategy of expanding its presence in Malawi’s tourism industry.

The consideration was reported at approximately MWK5.3 billion, based on PCL’s disclosure that the transaction value was equivalent to 0.4% of PCL’s market capitalisation as of July 31, 2026. PCL did not disclose the purchase price directly in kwacha. Wild Coast Estates retained the remaining 30% stake.

The transaction marks a different stage in Mbele’s investment journey. Rather than simply taking minority positions in listed companies, the Mpaladizo investment involved developing a private hospitality asset and subsequently bringing in a larger institutional investor while retaining minority exposure. Wild Coast Estates continues to hold 30% of Mpaladizo, leaving Mbele’s associated investment vehicle with exposure to the resort as Press Corporation takes control of the development.