Press Corporation Limited plc (PCL) has acquired 10 percent equity in a Liberian financial institution, a move that has since drawn mixed reactions from shareholders.
The Malawi Stock Exchange (MSE) listed conglomerate said in a statement on Friday that transaction details will be contained in the group’s financial results for the year ending December 2024.
“Press Corporation plc would like to inform its shareholders and the general public that it has acquired 10 percent shareholding in a financial institution registered in Liberia and licensed by the central bank of Liberia,” reads part of the statement signed by company secretary Maureen Mbeye.
The acquisition, according to the statement, is in line with PCL’s growth and expansion strategy. The statement says details will be published in the company’s financial statements for the fiscal year ending December 2024.
However, Minority Shareholders of Listed Companies Association secretary general Frank Harawa said the board did not disclose such plans in recent annual general meetings and stakeholders engagements although expansions are a welcome development to shareholders.
He said: “We will wait until we appreciate the details of the deal and its motivation.”
PCL group is the country’s largest company by the number of subsidiaries and its shares were trading at K2 500 per share as of February 14 2025.
