ICON Properties Plc (ICON.mw) 2018 Abridged Report

We have extracted below the Chairman’s Statement from the 2018 abridged report of ICON Properties Plc (ICON.mw), listed on the Malawi Stock Exchange:

ICON Properties Plc was incorporated in Malawi as a private limited company on 4 June 2018.It commenced its activities on 1 November 2018 and therefore had operated for two months in 2018 On 1 November 2018, The company acquired the shareholding of various property companies, namely Kangombe investments limited (75%), Chichiri Shopping Centre Limited (100%), Lilongwe City Mall Limited (100%) and NICO Properties Limited (100%), as well as various direct properties in exchange for shares in ICON Properties plc.

The Company was registered and converted to a public limited company on 8 November 2018, later that month it announced its intention to list its shares on the Malawi Stock Exchange. Following the public offer which closed on 28 December 2018 the Company successfully listed on the Malawi Stock Exchange. The listing of the shares was concluded on 21 January 2019.

Although ICON only operated for a period of two months, the investments held by ICON were in operation for much longer. Average occupancy rate across the property portfolio was above 90% throughout the reporting period. The Company generated total income of K1.44 billion for