PROFILE

ICON was incorporated in Malawi on 4th June 2018 under the Companies Act 2013 as a private company limited. ICON is a property investment company incorporated as part of a restructuring exercise by shareholders in the following property holding companies:-.

• NICO Properties Limited (NPL)
• Chichiri Shopping Centre (CSC)
• Lilongwe City Mall (LCM)
• Kang’ombe Investments Limited (KIL)
• Plantation House Limited (PHL)

The restructure involved an offer to shareholders of KIL, CSC, LCM and NPL to transfer their shareholding and income notes in the respective companies in exchange for shares in ICON. The shareholders of NPL, CSC, LCM, KIL and PHL voted to swap the shares in their respective companies with ICON Shares. In addition, direct properties held by NICO Life Insurance Company, Standard Bank Pension Fund and Toyota Pension Fund were also transferred into ICON. As at 1st November 2018, NPL, CSC, LCM and KIL became subsidiaries of ICON and the Company directly holds 35 properties in its portfolio.

The Company was registered and converted to a public limited company on 8th November 2018 and later that month announced its intention to list its shares on the Malawi Stock Exchange. The public offer opened on 7 December 2018 and closed on 28 December 2018. The listing and allotment of shares was concluded on 21 January 2019.