ICON PROPERTIES LIMITED OPENS DOORS TO INVEST IN MALAWI

  ICON PROPERTIES LIMITED OPENS DOORS TO INVEST IN MALAWI 

By Khumbo Salanje

Icon Properties Limited Board of directors addressing the press.

The official launch of the Icon Properties Limited brand has opened a new door for all investors in Malawi who can buy now shares once the subsidiary of NICO Group is officially listed on the Malawi Stock Exchange. Icon Properties board has decided to make the company public in order to give equal opportunity to international investors as well as retail investors in Malawi.

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.

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.

Chichiri Shopping Mall- largest mall in central Blantyre

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.

NICO business sector at Lilongwe City Mall in Old Town.

“Icon Properties Limited was born as a result of restructuring of property companies in the NICO Group portfolio as well as through a collaborative process with other investors in Malawi who had investments in properties,” said Kumwenda.

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.

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