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.
OUR COMMITMENT TO SHAREHOLDERS
We understand that we earn the right to exist by providing appropriate long-term returns to our shareholders. We work to meet our various targets and deliver on our commitments.
As our existing and prospective shareholders are providers of capital to the business, it is our responsibility to provide them with reliable, relevant and timely information to help them make informed investment decisions. Our shareholder base is diverse, including individual and institutional shareholders, both locally and internationally.
The diagram below shows the structure and the shareholding of the Company :