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MPICO Listed on the Malawi Stock Exchange |
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Malawi Property Investment Company (MPICO), which was a subsidiary of the liquidated Malawi Development Corporation (MDC), was listed on the Malawi Stock Exchange (MSE) on Monday, November 12, 2007. It became the first ever and the only property investment company to list on the Malawi Stock Exchange.
With a dominant and profitable profile in the property sector in Malawi, MPICO was an ideal candidate for broad public ownership and accordingly in terms of the Public Enterprise (Privatization) Act of 1996,, and the objectives of the privatisation programme, The PC recommended a disposal by way of initial public offer through the Malawi Stock Exchange.
Awareness of the MSE as an investment vehicle and public share ownership is continually developing and increasing in Malawi and the opportunity to participate in the ownership of a real estate company (a business sector yet to be represented on the MSE) is expected to generate broad investment interest.
The primary objectives of MPICO's IPO were therefore to enable Malawian participation in Malawi's largest commercial property ownership and management company, and to raise revenue for the Government.
Summary MPICO IPO information as issued was:-
Offer price per share MK 2.25
Minimum number of shares to be applied for 5,000
Listing code: MPICO
Sector Real estate
Total issued share capital 1,149,023,730 ordinary shares of 5
tambala each
Market capitalisation at the offer price MK2.59 billion
Ultimate controlling shareholder Old Mutual plc is the ultimate
holding company owning 55% of
MPICO's issued capital
Number of properties owned 35
Total lettable area 55,292m2
Further information may be obtained from the website : www.malawiproperty.com |
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