Africa-Press – Malawi. A group of companies and individuals calling themselves PTC creditors have written the Ministry of Trade and Industries to intervene in a matter where they seek to be paid K3.7 billion that PTC owed them.
The letter dated 25 August 2022 and addressed to Secretary for Trade and Industries indicates that the group supplied various goods and services to PTC during the time it was owned by Press Corporation Limited. Since the company was sold to Tafika Holding Limited, their money has not been paid.
“We have patiently been waiting to receive our money from PTC and we have been checking with PTC management who have also been waiting for the new investor, Tafika Holding, to invest the capital in PTC out of which K3, 706,048,224.46 was to be paid to us the Trade Creditors from the purchase consideration of Assumed Liabilities,” the letter reads.
Tafika Holdings Chief Executive Officer Arson Malola said PTC has and will continue to engage with the trade creditors. He said the firm’s plans to restructure PTC operations to give Malawians the best shopping experience at affordable prices.
“Tafika Holdings has spent a significant amount of money in the business, most of which has been to settle day today and monthly operational expenses, including the settlement of some of the debts.
“As you are aware, PTC Limited has lodged a Reorganisation Application with the High Court and once granted, will enable the restructuring of the business so that it is fit for purpose and is able to provide the best shopping experience for its customers at very affordable prices,” Malora said.
The Ministry of Trade said the matter was being handled by the Competition and Fair Trading Commission (CFTC). CFTC spokesperson Innocent Helema asked for some time to comment on the matter.
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