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Press Corporation plc courts partner in solar project

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Press Corporation plc has announced that a technical partner from Israel has been identified for discussions to setup a 50 to 60 megawatts solar power plant at Nkhoma in Lilongwe.

The revelation was made during the company’s Annual General Meeting in Blantyre on Monday.

The power plant will be a new venture for the conglomerate which so far has subsidiaries in banking and finance, tele-communications, ethanol production and food processing sectors.

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According to PCL Board Chairperson Randson Mwadiwa, the project is still in its conception stage therefore the amount of the investment is yet to be determined but preparations are moving fast.

“We have a lot of investment plans but the one we have advanced most is the electricity generation investment and now we are working with one partner but the intention is to have technical partners in all projects,” he said.

Mwadiwa announced during the event that apart from the energy sector, the conglomerate will also venture into construction and fish food production.

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Shareholders were also told that the group has disinvested its 20 percent stake in Castel Malawi, has sold Peoples Trading Centre to Tafika Holdings and it has disposed of its 80 percent shareholding in MTL to Malawi government.

During the year ended December 31, 2021 the group reported a profit after tax of K45.1 billion from K19.9 billion, representing 126 percent increase.

During the AGM stakeholder agreed to pay a final dividend of K3.4 billion representing K28 per ordinary share from K3 billion in the preceding year which represented K25 per ordinary share.

One of the minority shareholders Frank Harawa was said the performance was impressive.

Harawa, however, said the company should put up more strategies that will help its subsidiaries to make more profits and contribute to the development of the country.

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