Shareholders resolve PressCane dispute – Capital Radio Malawi
23 April, 2024

Shareholders resolve PressCane dispute

Press Corporation Group and Rolf Patel of Cane Products have resolved their long outstanding dispute over Press Cane shareholding.
The 17-year dispute has been dragging in courts thereby derailing the company’s growth although the business remained profitable during the period.
Patel says the dispute has been amicably resolved in win-win situation, but did not give further details.
“We are happy that we are now speaking with one voice and moving forward to drive the profitability of PressCane Limited,” said Patel.
Press Group Chairperson Randson Mwadiwa believes this will enable growth of the business as there are no other disputes in the courts regarding the issue.
Press Corporation CEO Ronald Mangani who brokered the deal said: “I’m happy that we have reached this milestone, I set it as a priority and I am happy to have delivered it.
“It looks very good, we have removed an impediment that was preventing the company from making certain decisions.
“Although performance has always been good it could have been better and we think that we have now created a conducive environment to unleash the full potential of Press Cane.”
On his part, PressCane board Chairperson Paul Guta hailed the two shareholders for reaching this agreement – a decision he likens to a dawning of a new era for the business.
“Our path forward is clear, and we are now better positioned than ever before to execute our strategic objectives and re-inforce our vision of becoming a regional leader in the ethanol production industry,” Guta said.
In 2001, Press group and Cane Products Limited agreed a Joint Venture Agreement (JVA) for Press Cane Limited in the proportions of 50.1 and 49.9percent, respectively.
After the shareholding disputes arose the Malawi Supreme Court of Appeal delivered its judgement on 15 December 2022, which effectively maintained the status quo as regards shareholding in the JVA.

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