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Icam properties on the cards

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In a bid to widen its revenue sources and contribute towards national economic development, the Institute for Chartered Accountants in Malawi (Icam) has unveiled plans to set a properties company dubbed Icam Properties.

This was said on Friday when the accountants’ body officially opened its new office building in Blantyre which was graced by Minister of Labour Ken Kandodo.

Icam President Phyles Kachingwe said the firm also intends to commence the second phase of the office complex.

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“There are phases two and three which need to be completed and we are looking at raising funds. We looked at several options and one of the options is to create a limited company which we will use to raise capital by selling shares or debt capital upon approval from members,” she said.

In an interview on the sidelines, Kandodo hailed Icam for completing the project.

He then urged the institute to consider thinking beyond membership fees as a way of raising funds for its operations and contributing towards national development.

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“Icam has an obligation to help government make sure that even the financial reporting within the government setup is done professionally by people who are qualified because government property needs to be looked after properly,” Kandodo said.

He added that the body should also extend their services to small and medium enterprises to help them grow.

Mandala Project Committee Chairperson Hilda Singo described the project as a great success.

The first phase of the project has cost the accountants’ body about K1.1 billion.

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