Press Corporation plc (PCL) says it is preparing some of its businesses for potential listing on the Malawi Stock Exchange (MSE).
PCL group chief executive officer George Partridge said this during the dual-listed conglomerate’s 2018 Annual General Meeting (AGM) in Blantyre on Thursday afternoon.
He said strategies being implemented target cost savings and efficiency in certain instances through disposals and acquisitions.
Partridge said management’s focus is on the turnaround of underperforming businesses, namely Malawi Telecommunications Limited, People’s Trading Centre (PTC), The Foods Company Limited, Press Properties Limited (PPL) and Open Connect Limited (OCL) while nurturing profitable entities.
“We are preparing them for potential listing, but that has to be decided,” he said.
Partridge said during the year under review, K5.6 billion and K1.2 billion were earmarked for the recapitalisation of PTC and The Foods Company Limited while K1.9 billion was for the recapitalisation of PPL through the acquisition of 51 percent shareholding in Inde Trust Holdings Limited, the company that owns PCL House in Top Mandala.
PCL group board chairperson Patrick Khembo said in the year under review, listed companies within the group registered significant positive movements with trading gains in PCL (90 percent), TNM plc (93 percent) and National Bank of Malawi plc (23 percent).
He said PCL group share price registered a significant price increase for the first time in five years, moving from K600 in January to close the year in December 2018 at K1 140. Looking forward, Khembo said the group is concerned with the current political environment, which he said has already negatively affected their businesses and invetor confidence.