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Icon speaks highly of its portfolio base

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By William Kumwembe:

Malawi Stock Exchange-listed property development and management firm, Icon Properties, has touted its “solid high quality portfolio”.

The newly formed company claims it is performing well with its outlook remaining promising.

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Speaking in an interview recently, Icon properties director, Vizenge Kumwenda, said the company would host its initial annual general meeting (AGM) soon, where it would give an account of its current position to shareholders.

“We listed Icon in January 2019 and we should be having an AGM soon. And, before that, we should be publishing the results of Icon.

“The property portfolio that Icon has is a solid high quality portfolio that is performing well and my expectation is that Icon should perform well,” Kumwenda said.

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Icon Properties has 35 properties valued at K50.04 billion with a total lettable area of 72 630 square metres.

Some of its properties are Chichiri Shopping Mall in Blantyre, Lilongwe City Mall, which houses Game Stores, and Kang’ombe House in Lilongwe.

Its shareholding comprises 16 firms with Nico Life Insurance Company, Standard Bank Pension Fund and National Bank of Malawi Pension Fund, owning 63.17 percent, 10.33 percent and 7.8 percent, respectively.

At the beginning of the year, the firm issued 1.68 billion shares through which it hoped to raise K14.7 billion through initial public offering (IPO) on the Malawi Stock Exchange.

The shares, which will be going at K8.75 per share, represent 25 percent of the total value of the company.

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