The court made its ruling on Monday, 10 July 2011, effectively making PIM a private limited company by shares.
PIM MD, Simon Itaye said now PIM drive towards rejuvenation following the 208 million kwacha sale of the company's shares that were in the control of minority shareholders.
Transmar, which holds a 60% stake in the company, says it aims to resuscitate the operations of the company on a regional scale. Itaye earlier said the development will help improve operations of a company that saw capital expenditure lagging behind - either from borrowing or returns on investment.
Itaye said, as a result, the company has been losing market share to competitors.
"Cut-throat competition and worn-out machinery have been some of the major obstacles to the company's performance," said Itaye.
National Bank of Malawi, First Merchant Bank, National Investment Trust Limited, and Old Mutual were some of the minority shareholders of the packaging company.
