Icon Properties Plc (Malawi)

Icon Properties Plc is a property investment company located in Blantyre, Malawi. It was incorporated on June 4, 2018, under the Companies Act 2013 as a private company limited. Icon was formed as part of a restructuring exercise by shareholders of various property holding companies, including NICO Properties Limited, Chichiri Shopping Centre, Lilongwe City Mall, Kang'ombe Investments Limited, and Plantation House Limited. The restructuring involved offering shareholders of these companies the opportunity to transfer their shareholding and income notes in exchange for shares in Icon. Additionally, properties held by NICO Life Insurance Company, Standard Bank Pension Fund, and Toyota Pension Fund were also transferred to Icon. As of November 1, 2018, Icon became the parent company of NPL, CSC, LCM, and KIL, and it directly holds 35 properties in its portfolio. On November 8, 2018, Icon was registered and converted into a public limited company. The company announced its intention to list its shares on the Malawi Stock Exchange and conducted a public offer from December 7 to December 28, 2018. The listing and allotment of shares were concluded on January 21, 2019.