Press Cooperation Limited increases stake in PTC, rebrands to Peoples metro

The management of Press Cooperation Limited (PCL) says it has taken over full operations of PTC shops in the country following the exit of their South African partner Meti-Cash.

Meti-cash earlier owned a 50 percent stake in PTC.

PCL group chief executive officer Mathews Chikaonda told the media that Meti Cash decided to leave Malawi following financial challenges it is facing in South Africa.

He said PCL group made a decision to buy them out and that they now own 100 percent of it, and that it is now being rebranded to Peoples metro.

Said Chikaonda: “Overtime we have been having a transfer of skills to the local scene, so that right now we only have too expected members of staff in the whole PTC group.

“We know the supply chain that they were using and that’s the one we are using.

“We have got familiarity over the years we do supply chain and I think it’s about time that we also do supply chain outside Malawi.”

According to Chikaonda, they have since rescinded some of their earlier decisions, like that of closing shops in some parts of the country.

The rebranding of the People metro nationwide attracted queues of consumers flocking to the shops as PTC group slashed the prices of various goods.