Press Corporation Limited

Last updated

Press Corporation Plc
Company type Private: MSE: PCL
Industry Investments
Founded1961;64 years ago (1961)
HeadquartersThird Floor, PCL House, Kaohsiung Road, Blantyre, Malawi
Key people
Radson Mwadiwa
Chairman
Ronald Mangani
Group Chief Executive
ProductsFinancial services, telecommunications, energy, retail, consumer products and real estate.
RevenueIncrease2.svgAftertax: MWK:126.3 billion (US$72.2 million) (2024) [1]
Total assets MWK:1.129 trillion (US$645.2 million) (2024) [1]
Website https://www.presscorp.com/

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 Plc 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]

Contents

Location

The headquarters of the company are located on the 3rd Floor, Press Corporation Plc 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 Plc 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 2024, Press Corporation Plc had MWK: 1,128,974,000,000 

(US$645.2 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 table 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
3 Deutsche Bank Trust Company America 18.88
4 Old Mutual Life Assurance Company Limited 15.84
Total100.00

Governance

Radson Mwadiwa is the chairman of the board of directors. Ronald Mangani serves as the Group Chief Executive of the conglomerate. [1]


See also

References

  1. 1 2 3 4 5 6 Press Corporation Plc (12 June 2025). "Annual Reports: 2024 Annual Report". Blantyre: Press Corporation Plc. Retrieved 12 June 2025.
  2. 1 2 3 4 5 Press Corporation Plc (12 April 2020). "History of Press Corporation Plc". Blantyre: Press Corporation Plc. Retrieved 12 April 2020.
  3. 1 2 African Financials (2020). "Profile of Press Corporation Plc". Africanfinancials.com. Retrieved 12 April 2020.
  4. ↑ "Location of the Headquarters of Press Corporation Limited" (Map). Google Maps . 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.

15°47′33″S35°00′34″E / 15.79250°S 35.00944°E / -15.79250; 35.00944

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