Ventures into construction and solar energy
Press Corporation Limited (PCL) is leaving the Malawi Telecommunications Limited (MTL) to concentrate on other business ventures such as construction and solar energy.
PCL Board Chairperson, Radson Mwadiwa disclosed the plans during a stakeholders engagement forum in Blantyre, saying they will be selling their 80 percent shares in MTL.
"The intention of Press Corporation is that once we have been in a sector and have made it grown, we exit to let others continue while we shift our attention to the others. Now we believe it is time to give a chance to other investors, just like we did with PTC and concentrate on TNM and Open Connect Limited. And should it be necessary in the future, we can also exit," he said.
On the issue of other businesses ventures, Mwadiwa said the company noted that the construction industry is dominated by foreign companies which deprives the country foreign currency.
"For a long time in Malawi, all the construction done in the country worthy talking about have been done by foreign companies, meaning at the end of the day they are taking all the money into their country. So we are talking with some strategic companies to see how we can partner.
"We are also going into power generation. Initially we will be doing solar and hopefully in future we wil be doing hydro.
"We do believe by the end of this year, Malawians should see something tangible on those areas investment.
Mwadiwa said discussions with the Government are at an advanced for a 50-Megawatt solar plant.
The investment by PCL could come at the right time when the county is facing forex challenges as it relies on Tobacco as the main Forex earner.
However, the leaf has seen a dwindle in fetching for the foreign exchange.
The country is also facing electricity generation challenges thereby relying on solar generation plants in Salima for support.