Press Corporation Limited

Press Corporation Limited, also Press Corporation Plc, is a business conglomerate, partly owned by Press Trust, a sovereign trust fund, of the government of Malawi, that is outside of the direct control of the Malawian government.[2] Press Corporation Limited is the largest conglomerate in Malawi, and has ownership in 15 companies in Malawi, including 8 subsidiaries, 4 joint ventures and one associate company.[3]

Press Corporation Limited
TypePrivate: MSE: PCL
IndustryInvestments
Founded1961 (1961)
HeadquartersThird Floor, PCL House, Kaohsiung Road, Blantyre, Malawi
Key people
Patrick W. Khembo
Chairman
George Patridge
Group Chief Executive
ProductsFinancial services, telecommunications, energy, retail, consumer products and real estate.
RevenueAftertax: MWK:36.713 billion (US$51 million) (2018)[1]
Total assetsMWK:271.162 billion (US$376 million) (2018)[1]
Websitehttps://www.presscorp.com/

Location

The headquarters of the company are located on the 3rd Floor, Press Corporation Limited House, Kaohsiung Road, Blantyre, Malawi. The geographical coordinates of Press Corporation's headquarters are:15°47'33.0"S, 35°00'34.0"E (Latitude:-15.792500; Longitude:35.009444).[4]

Overview

Press Corporation Limited is a business conglomerate that serves as a holding company to fifteen Malawian businesses. It is the largest business conglomerate in the country.[3] As of 31 December 2018, Press Corporation Limited had MWK:271,162,000,000 (US$376 million) worth of assets under management.[1]

History

The company was founded in 1961, as Malawi Press Limited, a publishing Company. The company expanded rapidly, and by 1979 it had stakes in 17 subsidiary companies and 23 associated companies. The rapid expansion however, had been funded by excessive short-term borrowing and soon faced a financial crisis.[2]

In 1983 company was restructured on the orders of the then President of the country, Hastings Kamuzu Banda. After discussions with the International Monetary Fund and the World Bank, a new company, Press Group Limited, was incorporated on 27 February 1984 in Blantyre as a holding company. Press Corporation Limited was incorporated on the same day, as a 100 percent subsidiary of Press Group Limited.[2]

Press Group Limited, is in turn owned by Press Trust, a sovereign charitable organization in Malawi, incorporated it on 5 March 1982.[2]

Subsidiaries

The list below outlines the subsidiary, joint venture and associate companies of Press Corporation Limited.[1] [2]

  1. National Bank of Malawi: 51.5 percent shareholding.[5]
  2. Telekom Networks of Malawi Limited
  3. Malawi Telecommunications Limited
  4. Presscane Limited
  5. People's Trading Centre Limited
  6. Press Properties Limited
  7. Manzini Limited
  8. The Foods Company Limited
  9. Open Connect Limited
  10. Ethanol Company Limited
  11. Castel Malawi Limited
  12. Limbe Leaf Tobacco Company Limited
  13. Sunbird Tourism Plc: 10 percent shareholding[6]
  14. Macsteel Malawi Limited (Joint venture between Press Corporation and Macsteel Service Centers of South Africa) 
  15. Press Corporation Limited/PUMA Energy International Joint Venture.

Ownership

The shares of stock of Press Corporation Limited are listed on the Malawi Stock Exchange, where they trade under the symbol PCL. The tale below illustrates the major shareholders in the stock of Press Corporation Plc, as at 31 December 2018.[1]

Stock Ownership In Press Corporation Limited As of 31 December 2018
RankShareholderPercentageNotes
1Press Trust45.45
2Public19.83
3Deutsche Bank Trust Company America18.88
4Old Mutual Life Assurance Company Limited15.84
Total100.00

Governance

Patrick W. Khembo is the chairman of the board of directors. George Patridge serves as the Group Chief Executive of the conglomerate.[1]

See also

References
  1. Press Corporation Limited (2 April 2019). "Annual Reports: 2018 Annual Report". Blantyre: Press Corporation Limited. Retrieved 12 April 2020.
  2. Press Corporation Limited (12 April 2020). "History of Press Corporation Limited". Blantyre: Press Corporation Limited. Retrieved 12 April 2020.
  3. African Financials (2020). "Profile of Press Corporation Limited". Africanfinancials.com. Retrieved 12 April 2020.
  4. Google (12 April 2020). "Location of the Headquarters of Press Corporation Limited" (Map). Google Maps. Google. Retrieved 12 April 2020.
  5. Biz Malawi Online (31 August 2018). "Press Corporation Records K23 Billion Profits". Bizmalawionline.com. Retrieved 12 April 2020.
  6. Macdonald Chapalapata (17 May 2018). "Press Corporation Buys Stake in Malawi Sunbird Tourism". Nyasa Times. Blantyre.

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