ICON PROPERTIES LIMITED OPENS DOORS TO INVEST IN MALAWI
By Khumbo Salanje
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| Icon Properties Limited Board of directors addressing the press. |
Speaking at a
news conference held at NICO Holdings boardroom at Chibisa House in Blantyre on
Tuesday, Director of the Board of Icon Properties Vizenge Kumwenda said the
board the made the decision upon realizing that Malawi needs a vehicle that can
champion the development of the private-business sector though building of
better property infrastructures across all commercial centers in Malawi and
being that vehicle is their mission.
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| Director of the Board of Icon Properties Vizenge Kumwenda- Icon is a tangible testimony of what collaboration and working together can achieve. |
“To give
opportunity to investors out there including, what we call-retail investors or
indeed ordinary Malawians to participate in this journey, the board of Icon
Properties decided to make this company public, so Icon was converted into a
public company. The company’s mission is to be at the forefront of successful, quality
property investments and developments in Malawi and to provide maximum returns
for all stakeholders,” Kumwenda said.
Icon Properties
is yet to be listed on the Malawi stock exchange for everyone interested to buy
its shares on the stock market.
“Icon Properties
intends to list on the Malawi Stock Exchange and the listing process is in
motion. The company wants the public to have a buy in and public announcements
will be made in due course,” Kumwenda added.
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| Chichiri Shopping Mall- largest mall in central Blantyre |
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| Tallest commercial office building in Malawi |
The company owns assets across south, central and northern region of Malawi that are positioned to capture middle and upper class retail spending. Some of the landmarks out of their 35 properties in their portfolio are Chichiri Shopping Mall- the largest mall in central Blantyre city, Lilongwe City Mall-located in the busiest commercial district in Lilongwe Old Town and Kang’ombe House- the tallest commercial office building in Malawi located in Lilongwe City Center. The value of the property portfolio is at MWK 50.04 bn.
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| NICO business sector at Lilongwe City Mall in Old Town. |
The shareholding
of the company after the portfolio restructuring exercise as at 1 November 2018
are NICO Life Insurance Company holding major part of the shares at 63.17% followed
by Standard Bank Pension Fund, National Bank Pension Fund, Magetsi Pension
Fund, Limbe Leaf Tobacco Pension Fund, National Investment Trust Plc., Associated Pension Trust, Illovo
Sugar Pension Fund, SUCOMA, Puma Energy Pension Fund, Toyota Malawi Pension Fund,
Press Corp Pension Fund, Investment Alliance Limited, NBS Bank Plc., M.E.
Kondowe and Limodzi Investments Limited.
