Press Corporation Limited

Last updated

Press Corporation Limited
Company type Private: MSE: PCL
Industry Investments
Founded1961;63 years ago (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.
RevenueIncrease2.svgAftertax: MWK:36.713 billion (US$51 million) (2018) [1]
Total assets MWK:271.162 billion (US$376 million) (2018) [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 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]

Contents

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 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

Related Research Articles

Access Bank Botswana, is a commercial bank formerly known as BancABC Botswana, that is headquartered in Gaborone, Botswana. In October 2021, Access Bank Group concluded the acquisition of 78.15 percent shareholding in the stock of the erstwhile BancABC Botswana. The bank subsequently rebranded to its current name to reflect its shareholding. The shares of stock of Access Bank Botswana are traded on the Botswana Stock Exchange, under the symbol: ACCESS. The company shareholding amounting to 21.85 percent that is not controlled by Access Bank Group is free-floating on the BSE.

<span class="mw-page-title-main">First Capital Bank Malawi Limited</span> Malawian commercial bank

First Capital Bank Malawi Plc, formerly known as First Merchant Bank Plc, is a commercial bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator. It is a subsidiary of FMB Capital Holdings.

Prime Bank Kenya (PBKL) is a commercial bank in Kenya, licensed and supervised by the Central Bank of Kenya (CBK), the national banking regulator.

<span class="mw-page-title-main">National Bank of Malawi</span> Commercial bank in Malawi

National Bank of Malawi(NBM), is a commercial bank in Malawi. The bank is one of the commercial banks licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

FDH Bank, also FDH Bank Limited, is a commercial bank in Malawi. It is one of the commercial banks licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

Indebank was a commercial bank in Malawi. It derived its name from Investment and Development Bank of Malawi Limited, the original name at the time of its founding. Indebank is one of the commercial banks licensed by the Reserve Bank of Malawi, the national banking regulator.

Electricity Supply Corporation of Malawi Limited (ESCOM) is the state-owned power transmission and distribution company in Malawi. It is entirely in control of transmission and distribution of electric power in the country. ESCOM represents Malawi in the Southern African Power Pool. It should not be confused with its South African equivalent Eskom.

<span class="mw-page-title-main">NCBA Group Plc</span> Kenyan financial services conglomerate

NCBA Group Plc, is a financial services conglomerate in East and West Africa. The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Ivory Coast.

Telekom Networks Malawi plc (TNM), is a telecommunications service provider in Malawi. Established in 1995, it is the oldest telecommunications company in the country. The telco is a subsidiary of Press Corporation Limited, the largest business conglomerate in Malawi.

Britam Holding PLC is a leading diversified financial services group and is listed on the Nairobi Securities Exchange. The group has presence in seven Africa countries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.

The Standard Bank of Malawi, previously known as the Commercial Bank of Malawi, is a commercial bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

<span class="mw-page-title-main">Discovery Limited</span> South African-based financial services group

Discovery Limited is a South Africa-based financial services group that is listed on the Johannesburg Stock Exchange (JSE) with its headquarters in Sandton.

MCB Group Limited is a financial services holding company. Its headquarters is located in Port Louis, Mauritius, with subsidiaries and investments in Mauritius, France, India, Madagascar, Maldives, Mayotte, Mozambique, Réunion, Seychelles and South Africa.

<span class="mw-page-title-main">Felix Mlusu</span> Malawian financial services executive (born 1951)

Felix Mlusu is a Malawian corporate executive and financier who served as the 22nd Minister of Finance in the Government of the Republic of Malawi from 2020 to 2022. Prior to his role in the Treasury he was Managing Director and Group Chief Executive Officer of NICO Holdings from 1994 until his retirement on 31st December 2016.

<span class="mw-page-title-main">Absa Bank</span> Commercial bank in South Africa

Absa Bank Limited, formerly known as the Amalgamated Banks of South Africa, is a commercial bank in South Africa and the flagship bank of Absa Group. It is licensed by the Reserve Bank of South Africa, the central bank and national banking regulator.

<span class="mw-page-title-main">First Capital Bank Zambia Limited</span> Zambian commercial bank

First Capital Bank Zambia Limited, is a commercial bank in Zambia that is licensed by the Bank of Zambia, the central bank and national banking regulator. It is a subsidiary of FMBCapital Holdings Plc, a financial services conglomerate, based in Mauritius, whose shares of stock are listed on the Malawi Stock Exchange and has subsidiaries in Botswana, Malawi, Mozambique, Zambia and Zimbabwe.

<span class="mw-page-title-main">First Capital Bank Mozambique</span> Commercial bank in Mozambique

First Capital Bank Mozambique (FCBM) is a commercial bank in Mozambique. It is licensed by the Bank of Mozambique, the central bank and national banking regulator.

The Lirangwe–Chingale–Machinga Road is a road in the Southern Region of Malawi, connecting the towns of Lirangwe in Blantyre District to the towns of Chingale in Zomba District and the town of Machinga in Machinga District.

Botswana Insurance Holdings Limited is an investment, retirement, and insurance group that maintains its headquarters in Botswana and operates through three subsidiaries and holds a stake in a number of associate companies. BIHL Group was established in 1975 and has been listed on the Botswana Stock Exchange since 1991.

NICO Holdings plc is a diversified financial services group and is listed on the Malawi Stock Exchange.

References

  1. 1 2 3 4 5 6 Press Corporation Limited (2 April 2019). "Annual Reports: 2018 Annual Report". Blantyre: Press Corporation Limited. Retrieved 12 April 2020.
  2. 1 2 3 4 5 Press Corporation Limited (12 April 2020). "History of Press Corporation Limited". Blantyre: Press Corporation Limited. Retrieved 12 April 2020.
  3. 1 2 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.

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

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.