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Simon Itaye is new Press Corporation Limited chair

Nampak Malawi managing director Simon Itaye on Friday ascended to the chairmanship of Malawi Stock Exchange listed conglomerate Press Corporation Limited (PCL).

He has taken over from Clement Chilingulo during PCL’s annual general meeting held in Blantyre.

Chilingulo has retired from the PCL board after 14 years of service, three of which he was a board chairperson.

Itaye said in an interview on the sidelines of the AGM that his focus will be growing shareholders’ wealth by making sure that the company grows.

He hinted on strengthening the export market.

“I will ride on the success that PCL has registered over the years to take the company to another level,” said Itaye.

On his part, Chilingulo said he was happy to leave a solid company and expressed optimism that the group will continue growing in the years to come.

In 2014, PCL posted an after tax profit of K22.1 billion, which was 27 percent above what it recorded in 2013.

During the AGM, shareholders approved a K1.08 billion final dividend, representing K9 per share, bringing the total dividend for 2014 to K1.5 billion or K12.50 per share from K1.08 billion or K9 per share in 2013.

PCL has Press Trust as its majority shareholder with 44.47 percent stakes followed by Old Mutual with 14.37 percent, Deutsche Bank Trust Company America has 22.34 percent with the public and others holding the remaining 18.82 percent.

The company has interests in National Bank of Malawi, TNM, MTL, Ethanol Company Limited, Presscane, PTC, Press Properties, the Food Company, Puma Energy, Macsteel, Carlsberg Malawi and Limbe Leaf Tobacco Company Limited.

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