PCL, Cane Products resolve shareholders dispute in PressCane

Conglomerate Press Corporation plc (PCL) and Cane Products Limited (CPL) say they have ‘amicably resolved’ a longstanding shareholding dispute in PressCane Limited.

Speaking during a news conference in Blantyre yesterday, PCL chief executive officer Ronald Mangani said they are delighted that the issues have been resolved, which will enable Chikwawa-based PressCane Limited to grow even further.

“We are happy that we are now speaking with one voice and moving forward to drive profitability of PressCane,” he said.

Cane Products Limited board chairperson Rolf Patel said the resolution marks the beginning of a new chapter.

“What happens after this agreement is extremely important,” he said.

PCL board chairperson Randson Mwadiwa said the dispute has been a huge cost to PressCane.

“PressCane would have been a big company,” he said.

In 2001, PCL and Cane Products Limited entered into a Joint Venture Agreement (JVA) to carry on business through a vehicle called PressCane Limited.

PCL and Cane Products Limited held shares in PressCane Limited, with PCL holding 50.1 percent and 49.9 percent.

But over the years, shareholding disputes arose with a series of court actions since 2003.

However , the Malawi Supreme Court of Appeal finally delivered its judgement on December 15 2022, effectively maintaining the status quo as regards shareholding in the JVA.

The Supreme Court judgement directed the parties to amicably agree on the implementation of the judgment.