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ICON Properties Plc 2018 prospectus

ICON Properties has announced that it will list on the Malawi Stock Exchange.

ICON was incorporated in Malawi on 4 June 2018 under the Act, with registration number TMRBS1010880 as a private company limited by shares with a stated capital of MWK1 mln. The company was converted to a public limited company on 8 November 2018.

ICON Properties is under the leadership of non-executive Chairman Mr. Robert Scharar, NICO Holdings PLC Group Managing Director, Mr Vizenge Kumwenda as non-executive Director and six other non-executive directors.

ICON Properties is venturing into this Offer to:

  • raise capital to fund expansion of the portfolio through acquiring and developing yield accretive real estate opportunities;
  • facilitate the allocation of funds for refurbishment and redevelopment of properties to modern standards;
  • unlock shareholder value through economies of scale;
  • invite prospective Malawian and international investors to share in the ICON success story;
  • enhance ability to raise future capital from the secondary market; and
  • introduce liquidity for the existing and new shareholders through the listing on the MSE.

ICON shares available in respect of the Initial Public Offer shares to raise MWK14.70 bln will be allocated on an equitable basis.

The Public Offer shares will, upon allotment and issue, rank pari passu with all other existing ordinary shares in terms of both voting rights and dividends.

The Offer comprises the Initial Public Offer for Shares. ICON hereby offers a total of 1,680,000,000 Public Offer Shares for subscription with an additional 420,000,000 shares for subscription through a Green Shoe Option which will allow for a higher capital raise if the IPO is oversubscribed upon the terms and conditions set out in this Prospectus, as set out in the Application Form.