Business
PCL seeks strategic investor for fixed phone operator MTL
September 01, 2021 / Nelson Gonjani
Malawi’s largest publicly listed conglomerate Press Corporation says it is progressing with discussions with an equity investor for its subsidiary, landline operator Malawi Telecommunications Limited (MTL).
In a summary of unaudited results for the six months period ended June 30 co-signed by Chairman Randson Mwadiwa and Group CEO George Patridge, PCL says the fixed telephony company reported a 9% improvement in its results driven by improved gross margins and costs containment.
“Discussions with an equity investor in the fixed telephone business are progressing well,” state Mwadiwa and Partridge.
PCL’s telecommunications segment which includes MTL and another subsidiary cellular phone network provider, TNM, registered 25% growth in its profit after tax with the mobile phone company registering a 19% growth on its net earnings.
Mwadiwa and Partridge say the company has embarked on several strategic initiatives aimed at regaining its market share in the telecommunication segment, and expects its performance in the sector to show significant improvements in the second half of the year.
National Bank of Malawi, which makes up the conglomerate’s financial services segment, continued to be the main driver of the Group’s results, and delivered satisfactory results which were driven by a 36% increase in net service income.
PCL is also searching for an equity investor for its retail chain, People’s Trading Centre (PTC), which has continued to make losses due to a myriad of operating challenges.
“The search for an equity investor is continuing and some debts may have to be consumed by the group once an equity investor is identified,” state Mwadiwa and Partridge.
PCL’s subsidiaries in the energy sector Press Cane and Ethanol Company of Malawi (ETHCO) were on off season during the first quarter of the year but Mwadiwa and Partridge say the two companies are on track and are expected to deliver planned results.
Mwadiwa and Partridge say the focus of the group is on feasibility of new projects and to consolidate gains made in the existing restructured and streamlined portfolios.
“The Group is well positioned for growth and management is confident to deliver planned results.”
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The establishment of a stable and self-sustaining ecosystem, but not necessarily the one that existed before mining began. In many cases, complete restoration may be impossible, but successful remediation, reclamation, and rehabilitation can result in the timely establishment of a functional ecosystem.
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