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| Business |
| Press Trust foreign stocks on increase |
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by
Ephraim Munthali, 14 April 2004
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19:35:05
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Press Trust said Tuesday it is increasing investments in foreign stocks as a way of spreading the organisation’s financial risks.
Executive secretary Clement Chilingulo said the trust will use its wholly owned subsidiary—Press Trust Overseas Limited to achieve this.
Press Trust Overseas Limited was formed in 1998 when the Trust’s flagship company, Press Corporation Limited (PCL) listed on Malawi and London stock markets.
Press Trust owned 93 percent of PCL before the local industrial giant was listed.
The Trust now controls 49 percent after selling off its 44 percent stake through the stock markets.
Out of the sold 44 percent, half went to foreign investors while local investors bought the remaining 22 percent.
The Trust realised US$6.5 million from shares sold to foreign investors.
“We used the money from international investors to form Press Trust Overseas Company to invest in foreign firms,” explained Chilingulo.
He said the value of the Overseas Company has risen from US$6.5 million to US$7.5 million.
On the local bourse, the Trust has shares in National Bank, Blantyre Hotels, Stanbic Bank, Old Mutual and Sugar Corporation of Malawi.
Meanwhile, Chilingulo said his organisation is revamping Press Agriculture, Press Trust’s second largest investment after PCL.
“Press Agriculture is slowly but surely coming back on track. We are positive that when it is fully on its feet, it will be a very profitable venture,” he said. |
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