Feb 24, 2018 Last Updated 3:20 PM, Feb 22, 2018

Press Corporation Set To Close Deal With Potential Partner

Press Corporation Set To Close Deal With Potential Partner Image sourced at presscorp.com
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Press Corporation Limited is still working on closing a deal with a potential strategic partner for its new infrastructure company, Open Connect Limited (OCL).

OCL was formed following the unbundling of their telecommunications subsidiary MTL which was manning both infrastructure and telephony businesses.

The tasks were said to have been burdening MTL, affecting the efficiency of the business in the process.

According to representatives of the conglomerate, OCL, which is now operational and responsible for fibre optic management for the company and wholesale of bandwidth, still needs a strategic investment partner.

An inside source has told Capital FM that despite OCL being operational, that there is a company which is in negotiations with PCL on the partnership.

According to the source, the two parties have been advised not to divulge any information until a deal is closed.

One of the objectives of the establishment of the sister company to MTL, is to make the telecommunications firm more profitable as it was making worrying losses for the group.

Press Corporation Limited is a public listed company incorporated in Malawi, under the Companies Act 1984; and is quoted on the Malawi Stock Exchange and is listed as a global depository receipt on the London Stock Exchange.

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