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Icon Properties PLC lists on MSE, eyes property market

Written by  McDonald Chiwayula

NICO Holdings Limited says the coming in of Icon Properties on Malawi Stock Exchange (MSE) attests to the vision the group has on developing a firm that will

become a market leader in property development and management in the country and beyond.

Vizenge Kumwenda, MD, NICO Holdings Limited Vizenge Kumwenda, MD, NICO Holdings Limited
30
January

Managing Director for NICO Holdings PLC, who doubles as Director for Icon Properties PLC, Vizenge Kumwenda said the company was formed to address a

number of key objectives but most importantly to create an opportunity for Malawians to participate on the stock exchange through trading of Icon Properties

PLC shares.

 

“The company was formed in June 2018. The NICO Group has several properties which are scattered across the country and there was need to consolidate

these units and get them managed by a single firm. This was seen as a step in the right direction because now it gives us the muscle to be a leading property

company on the market.

 

“Another overarching objective was the issue of tapping resources for rolling out big infrastructure development projects. Our joining of the stock exchange now

provides that springboard. You can appreciate that from 7th-28 December when Icon Properties’ PLC shares were on offer we managed to raise K14.7 billion

through the stock market and we don’t take that for granted, it’s a plus that the strategy we put in place for this company is actually working,” said Kumwenda.

 

Kumwenda added that the Initial Public Offer (IPO) of Icon Properties shares was pegged at K8.75 however the share price has now appreciated to K12. Further

details emerge that prior to listing Icon Properties net worth was over K50 billion. Post listing status has seen the company’s capital base surge to over K60

billion.

 

It’s been well over 10 years since Telekom Networks Malawi Limited listed on MSE and the coming in of Icon Properties on the stock market brings the total of

listed companies to 14.

 

Speaking during the listing ceremony held at Sunbird Mount Soche in Blantyre last Monday, Chief Executive Officer for MSE, John Robson Kamanga, applauded

NICO Holdings for continuously using the MSE as its source of financial capital to fund its expansion strategies.

 

 

John Robson Kamanga (Right) CEO, Malawi Stock Exchange

 

“Ladies and Gentlemen, listing on the Exchange results into among others, increased operational efficiencies, efficient process of capital raising; improvement in

governance, transparency and accountability; productive utilisation of savings, development of the private sector and growth of companies, expansion of

investor base and enlarging the pace and diversity of resources flow in the economy,” said Kamanga.

 

Another worthwhile development to note is that MSE is seriously utilizing technology to advance the efficiency of the market. on 7th June 2018 it automated its

trading systems which brought a number of significant gains as Esnart Suleman Operations Manager for MSE elaborated.

 

She said, “In terms of number of shares that can be traded previously you could trade a minimum of a hundred shares now an investor can actually trade even

a single share. This trading system has also brought financial inclusion, so when we go out theremaking presentations to students and other potential investors

we have the confidence that they can trade on this market. In addition to that this system has also brought efficiency in the way we operate.

 

“For instance, previously you had to wait for five days after buying shares to get your physical share certificate. Currently with the automation once you buy

shares within three days the shares are actually reflected in your CSD account which is a positive thing and is in line with what is happening internationally.”

 

 

Esnart Suleman, Operations Manager, MSE

 

As a company that is focused on the property market, Icon Properties PLC, proudly owns Chichiri Shopping Centre Limited, NICO Properties Limited, Kang’ombe

Investments Limited, Lilongwe City Mall Limited and various infrastructures across the country.

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