Dual-listed conglomerate Press Corporation Limited (PCL) plans to expand its footprint beyond the borders in energy and tourism, according to board chairperson Patrick Khembo.
He said this on the sidelines of the PCL’s 32nd Annual General Meeting (AGM) held on Wednesday in Blantyre.
Khembo, who taken over the mantle from Simon Itaye, managing director of Nampak Malawi, said the group is working collectively with the board and management to take forward the operations of the conglomerate listed on Malawi Stock Exchange (MSE) and London Stock Exchange (LSE) as a global depository receipt.
He said in the meantime, the PCL is looking at areas and business to take to the international market, but focus will be on energy and tourism.
“We are quite happy with what we are doing at the moment. We have ambitions of expanding and perfect some of our local activities beyond Malawi market.
“PCL is closely looking into renewable energy but on top of that, the tourism sector, Cape Maclear to be precise, is one of sites that we have always had interest to develop,” said Khembo.
But he said there are a number of actions that government needs to perform before the group makes necessary investments.
Khembo expressed confidence that 2016 will be a year of continued growth for the conglomerate despite the harsh economic environment.
“Performance of our business so far has been well. However, the economy as all see it is not performing quite well which has affected the cost of doing business and limited capacity to spend.
“But that notwithstanding, we are doing the very best to address such shocks and we are pleased that authorities are also working hard to get the economy back on track,” he said.
At the AGM, the group declared a final dividend about K1 billion, representing K8.50 tambala per share.
Shareholders also approved re-election of director Andrew Borron, an increase in net fees and sitting allowances of the chairperson and non-executive directors.
This means that the chairperson’s fees have been revised by about 17 percent to K4.6 million from K3.9 million per year while for non-executive director is now at K3.7 million from K3.1 million, representing a 19 percent increase.
Sitting allowances for the chairperson is now at K190 000 from K145 000 per sitting and K171 000 from K145 000 for non-executive directors.