Written on March 12, 2019

NICO Holdings has achieved a new milestone in the listing of ICON Properties Plc on 21 January 2019. The listing of ICON comes after ten years of drought on the Malawi capital market. NICO has once again shown its muscle as a leader in financial services, having been the first company to list on the Malawi Stock Exchange in 1996.  NICO companies now make up 29% percent of the entities listed on the MSE which include NICO Holdings, NBS Bank, Blantyre Hotels and the newly listed ICON Properties.

Director of ICON Properties and Group Managing Director of NICO, Mr Vizenge Kumwenda (right) cuts the ribbon assisted by the Chairman of Malawi Stock Exchange, Dr Winston Masanja

ICON Properties was born as a result of the 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.

The company was formed with the objective of owning, leasing, managing and developing commercial, industrial and retail properties. Icon’s properties are located in major economic centers in Malawi and include landmark shopping malls, prime office buildings and key industrial sites. These properties have tenants comprising market leaders in banking and finance, international development institutions, United Nations organisations, local blue-chip companies and high-end food and fashion retailers. 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.

This listing milestone means many things to the Malawian capital market, and possibly the entire economy of Malawi and NICO is proud to be at the heart of it all.

NICO’s interests go beyond changing the landscape of the country and the capital market. It richly touches and improves the individual life of Malawians by providing a range of financial services solutions through its life insurance, general insurance, banking, asset management, pension administration and property development and management portfolio. This focus on identifying opportunities that will positively impact growth of the Malawian economy and improve the quality of life for Malawians from all walks of life, will continue to underpin NICO’s growth and investment strategies in the future.

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