New PCL CEO outlines vision, to consolidate growth

Newly appointed Press Corporation plc (PCL) chief executive officer Ronald Mangani says his vision is to re-entrench the Malawi Stock Exchange-listed conglomerate’s role as a catalyst for national development.

In an interview yesterday on his appointment, he said he wants to ensure PCL’s companies and subsidiaries become a national pride.

Said Mangani: “I would like to ensure that PCL companies and subsidiaries become a national pride in providing value to our customers as well as good returns to our shareholders.”

He said while he is assured of the support of the board of directors, he asks all Malawians to give him and his “highly competent colleagues in PCL” the support they need.

Mangani’s appointment comes months after a functional review exercise, which sought to bring radical changes, including removal of some positions at its corporate office.

In the year ended December 31 2021, PCL divested its shareholding in some firms to consolidate its capital.

PCL divested its 52 percent shareholding in Malawi Telecommunications Limited and that discussions with equity investors in the telephony business are at an advanced stage.

The conglomerate also divested its 100 percent shareholding in retail chain People’s Trading Centre, which traded as PTC and Spar brands.

It also moved out of Castel Malawi Limited by disposing of its 20 percent stake, a transaction which contributed K9.6 billion to the profit-after tax of K45 billion in 2021, which was mainly driven by performance in the financial and energy sectors.

In a statement yesterday, PCL company secretary Moureen Mbeye said Mangani’s appointment is effective March 3 2023.