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PCL’s 10% acquisition in Sunbird, boon for shareholders—Analyst

Local investment analyst Armstrong Kamphoni has described the Press Corporation Limited (PCL) recent acquisition of 10 percent stake in Sunbird Tourism plc as good for the shareholders of the company as well as the country’s tourism sector.

PCL last week announced it has acquired a 10 percent stake in Sunbird Tourism plc, extending its investment interests into the tourism sector.

Kamphoni: Hopes are high

Kamphoni said in an interview that it is interesting that PCL has decided to invest in the tourism sector, saying in doing so, hopes are high that PCL’s involvement with its access to finance should help the sector going forward while they create value for their shareholders.

“We think there is an opportunity for PCL to increase their stake in Sunbird considering Sunbird is still dominated by government with 71 percent shareholding.

“We believe government has to eventually divest and allow the private sector to develop the company further and help promote tourism in Malawi,” he said.

PCL Group chief executive officer George Partridge said apart from emphasising growth and sustainability of the companies in which it holds stakes, the company also embraces new sectors earmarked for future investments like tourism and energy.

The group has stakes in 14 companies comprising eight subsidiaries, four joint ventures and two associates.

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