Press Corporation plc has outlined plans to divest a 20% stake in Castel Brewery Malawi Limited.

According to a statement accompanying the financial results for the year ended December 31 2020, negotiations to implement the above have now been concluded at a price of $12 million [about K9.4 billion], and the proceeds will be realised in 2021.

Figures on the  PCL said despite the difficult operating environment, it registered a profit before tax of K38.22 billion, five percent lower than the previous year’s K40.31 billion.

Reads the statement in part: “Most group companies could not meet planned turnover levels and group revenues were just level with prior year.” Figures in the statement show that PCL registered profit before tax of K38.22 billion, which is 5% lower than the previous year’s K40.31 billion. Reads the statement in part: “Most group companies could not meet planned turnover levels and group revenues were just level with prior year.”