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MPICO was established on the 12th August, 1972 with a nominal capital of MK4 million by Capital City Development Corporation, a parastatal with the objective of attracting international and Malawian based commercial investment of the development of Malawi's new capital city in Lilongwe in accordance with the Capital City Construction Act of 1968. While the CCDC concentrated on the fabricating infrastructure for the new capital city such as of urban infrastructure low cost shelter and government offices, MPICO concentrated on building private sector offices, shops, factories, hotels and warehousing etc with the assistance of private sector capital. MPICO incorporated subsidiary companies to suit the needs of particular investors and development projects. By 1979 the MPICO group comprised 18 companies, 400 residential units, 2 hotels, 11 industrial units and a number of other properties with funds utilised or available of over MK29 million, involving 59 investors other than CCDC.
With CCDC's major objectives having been achieved the corporation was dissolved in early 1984. Reorganisation of the MPICO group took place between 1980 and 1984 and by 1983 MPICO was established under independent management and operating systems with industrial and commercial property development as its focus. Its investment and development programme was expanded to a national basis and targeted at Malawi's 3 urban centres Lilongwe, Mzuzu and Blantyre/Limbe. In 1987 MPICO launched a full service property consultancy service undertaking valuation, property management and related services. In late '80s and '90s many of MPICO's industrial interests were sold or transfered and its portfolio has been relatively static at the current level of 35 properties now worth over MK4.6 billion. The Government of Malawi, through The Privatisation Commission, is affording investors an opportunity to buy shares in MPICO through an IPO which will lead to the listing of the company on Malawi Stock Exchange. MPICO was established to facilitate private investment into property development in 1972 and MPICO's IPO in 2007 again sets the stage for it to participate in the growth and development in Malawi, but this time private sector controlled and through the MSE and therefore a broader base of investors. Please visit www.malawiproperty.com |
