ICON Properties lists on Malawi Stock Exchange: Opens Initial Public Offer of shares

Newly-formed property development and management firm, Icon Properties Limited, which aims at transforming the real estate landscape to the next level so that they continue to being the market leader, has successfully listed on the Malawi Stock Exchange and on Friday, December 7 opened the Initial Public Offer of shares (IPO).

Kang’ombe House in Lilongwe and Chichiri Shopping Mall are part of ICON’s buildings

This was announced by the director of the Board of ICON Properties, Vizenge Kumwenda ata news conference held in Blantyre,  where he said they are issuing 1.68 billion shares at a price of K8.75 each.

“This represents 25% of the total value of the company and we hope to raise K14.7 billion,” Kumwenda said. “The funds to be raised from the IPO will go into new ICONic infrastructure projects that will transform the property landscape in Malawi.

“This will also enhance the potential returns to the ICON shareholders. ICON is a very strong and sound company whose business portfolio includes highly valued real estate assets with very solid returns.

“ICON is listing after a 10-year break on the Malawi Stock Exchange and we are pleased that we are re-igniting activity in the capital market.”

The firm, which was born after restructuring property companies in the MSE-listed Nico Holdings group portfolio as well as through a collaborative process with other property investors, was incorporated in Malawi on June 4 2018 and converted to a public limited company on October 11 this year.

Its shareholding comprises 16 firms with Nico Life Insurance Company Limited, Standard Bank Pension Fund and National Bank of Malawi Pension Fund, owning 63.17 percent, 10.33 percent and 7.8 percent, respectively.

“ICON is a product of an extensive collaborative effort among many parties and we worked very closely with other stakeholders to realize this dream of providing additional investment avenue for investors with a high potential for good returns.

“The IPO official opens today, December 7 and will remain open until December 28 and the listing will take place on the 21st January, 2019. Interested investors can obtain application forms and the prospectus from the receiving banks which are NBS Bank and Standard Bank and from all stock braking firms.

“We want to give the public an opportunity to be owners in a truly great company and we encourage all Malawians to participate in this IPO. With as little as K50,000 one can become a shareholder of ICON,” he said.

In announcing the launch of ICON on November 13, Kumwenda had said was formed with the objective of owning, leasing, managing and developing of commercial, industrial, and retail properties.

Icon Properties has 35 properties valued at K50.04 billion with a total lettable area of 72 630 square metres.

Some of its properties it owns include Chichiri Shopping Mall in Blantyre, Lilongwe City Mall, which houses Game Stores, among others, and Kang’ombe House in Lilongwe.

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