Malawi Stock Exchange (MSE) listed public company, Press Corporation Plc (PCL) has disclosed that it is undertaking functional changes in order to promote operational efficiency and turn around organizational performance.
A number of factors such as political interference, lack of cutting-edge visionary leadership, excessive executive pay and sluggish advancement in adoption of technology left the pride of the nation slump to its death bed.
The structural organization termed as “functional changes” follow a review conducted by company’s Board of Directors with technical assistance from a team of local and international business advisers/experts.
PCL Board Chairman Randson P. Mwadiwa, in a statement issued on Monday, disclosed that apart of the restructuring initiative, the directors also reviewed the holding company’s organizational structure in order to make it lean, more optimal and cost effective so that it meets stakeholder expectations.
“Furthermore, the company’s cost structure was carefully examined with a view to streamlining costs. Based on analysis of the findings and recommendations of the consultants, the Board is in the process of implementing some pragmatic interventions aimed at steering the ship to bring forth significant improvements in line with the core strategic objectives of the company to enhance shareholder value.
“Ultimately, our desire is to ensure that fruitful implementation of the Board’s approved recommendations, contribute meaningfully to a successful re-positioning of PCL as a leading corporate business entity in the Malawi environment,” reads the statement.
According to Mwadiwa, the Board of Directors envisages that implementation of a more innovative turn-around strategy, may result in changes in the employment structure at PCL and some positions may, as of necessity, be allowed to wither away.
“This need not bring forth any anxiety or concern amongst our stakeholders and the general public. The Board will continue apprising the stakeholders as and when significant milestones are achieved during this process of implementing the approved recommendations of the functional review,” he said.
PCL is a mother company for Ethanol Company Limited, Castel Malawi Limited, Limbe Leaf Tobacco Company Limited, Macsteel Malawi Limited, Malawi Telecommunications Limited, Maldeco Fisheries, National Bank of Malawi, Presscane Limited, Press Properties Limited, People’s Trading Centre Limited, Puma Energy Malawi, Telekom Networks Malawi and Sunbird PLC.