Nico Capital rolls out June
Nico Group has said its new subsidiary, Nico Capital, would be rolled out in June, a month after the earlier set target.
Last month, Nico Group Managing Director Vizenge Kumwenda said preparations were at an advanced stage to roll out the firm and he had put May as the month to commence operation.
Speaking in an interview Wednesday, Kumwenda said rolling has delayed as the firm was yet to hire its Chief Executive Officer, whose vacancy has already been floated.
“The process of recruiting the CEO is not yet completed because that is the major milestone. I am hoping that by July 1, 2021 the CEO will be able to join us,” he said.
The company will be focusing on structuring businesses and investment opportunities and present them to potential investors who would venture into it upon satisfaction.
Through the company, Nico Group wants to promote investment in the country for the benefit of its clients.
Capital markets analyst Cosmas Chigwe hailed Nico Group for its expansion plan, saying focus on equity and even debt is what the country needs.
He added that the Pension Act meant the inflow of capital from pension funds needs processional investment vehicles for both their safety and growth as well as development of the country.
“It would also be great if Nico Capital puts in place some form of venture capital fund for start ups and Small and Medium Enterprises because that is something significantly lacking in this country and Nico prides itself as a pioneer of financial solutions which can be displayed if they implement such,” he said.
The company will be added to other capital entities such as Cedar Capital, Alliance Capital, NBM Capital and Bridgepath Capital.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
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