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PCL acquires 10% stake in Sunbird Tourism

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Conglomerate Press Corporation Limited (PCL) plc has acquired a 10 percent stake in Sunbird Tourism plc, extending its investment interests into the tourism sector.

PCL Group Chief Executive Officer George Partridge confirmed the acquisition in an interview yesterday.

“Yes it is true that we have acquired a 10 percent shareholding in Sunbird Tourism plc. We have been talking about expanding our investment base to include tourism for some time and we thought this was a good starting point,” Partridge said.

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PCL is listed on the Malawi Stock Exchange (MSE) and on the London Stock Exchange (LSE) as a global depository receipt and as the largest holding company in the country has interests in different sectors of the Malawi economy, namely financial services, telecommunications, food and beverages, energy and consumer goods.

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

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

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“So the Sunbird Tourism deal gives us a good entry point into the tourism sector and we hope that this investment will grow in future and will benefit our shareholders,” said Partridge.

PCL now becomes the second largest single shareholder in Sunbird after government which owns 71 percent.

Meanwhile, Partridge also announced that PCL has acquired the Top Mandala Building and Office Complex from IndeTrust Holdings Limited.

He said this stake also includes other property in the form of vacant pieces of land and buildings which should boost the Group’s portfolio.

“We have acquired the Top Mandala Building and we will let one of our subsidiary companies, Press Properties Limited, manage it on our behalf. This is one way of trying to resuscitate the subsidiary which has been going through difficult times recently,” said Partridge.

He also said PCL is conducting reviews and formulating turn-around strategies of some of its subsidiaries which are not doing well to bring them back to life.

Last year, the conglomerate posted a K39.6 billion profit up from K15.31 billion recorded in 2016.

Partridge said the PCL Group will continue to explore viable investment opportunities in various sectors of the economy in order to strengthen its portfolio of investments and enhance shareholder value.

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