Chichiri Shopping Mall

This was a USD 12 million investment and the first shopping mall in Malawi. Anchor tenants comprise of Shoprite and GAME stores. Equity capital was raised from NICO Life and other pension funds. Debt capital was raised from International Development Corporation (IDC). The mall occupies 14,113 square metres lettable space.

Lilongwe City Mall

We raised USD 20 million in equity and debt capital to develop the Lilongwe City Mall; a retail shopping centre in the capital city of Malawi. The project took 18 months to complete. Equity finance was raised from various companies and pension funds in Malawi Kwacha. Debt capital was raised in foreign currency from PTA Bank and NORSAD. The mall occupies 14,853 square metres lettable space.

NICO Centre

This was a USD 8 million investment shopping centre in Old Town Lilongwe. Anchor tenants include PTC. The development provided shoppers a unique experience in Old Town. It has lettable space of 3,913 square metres.

Kang’ombe House

NICO acquired 40% shareholding in Kang’ombe Investments Limited which owns Kang’ombe House. The property is currently valued at K3.1 billion and major tenants include COMESA, African Union, Malawi Government and South African High Commission. Kang’ombe House has lettable space of 6,847 square metres.

Chibuku Products Limited

NICO owns 21.6% shareholding in Chibuku Products Limited. Chibuku’s ultimate holding company is SAB Miller Plc, a company incorporated in UK, which controls the majority shareholder. The holding company is listed on the London Stock Exchange.

Other Equity Investments

We have equity investments in Illovo Sugar Malawi Limited, Malawi Telecommunications Limited, National Bank of Malawi, FMB, Press Corporation Limited, Old Mutual among others.

Standard Bank

NICO owns 20% shareholding in Standard Bank Malawi Limited. Standard Bank, previously known as the Commercial Bank of Malawi, was registered as a commercial bank on 15 March 1969. Standard Bank South Africa owns 60% of Standard Bank Malawi.