Property development Company MPICO is boasting of an improved performance since its Rights Issue.
MPICO’s unaudited Financial Results Report indicates that the Company has post an after tax profit of MK2.7 Billion in the first half of the year, up from the MK700 Million which was registered during the same period last year.
The property company issued rights to the public and shareholders last year in a bid to raise capital, a development which resulted in MK9 Billion being raised.
At its 43rd Annual General Meeting in 2016, MPICO shareholders authorised an increase in the share capital from MK60 Million to MK150 Million representing 3 billion ordinary shares at 5 tambala each.
Board chairperson of the Company Edith Jiya says they are working on strategies that would ensure sustainability of the good performance in the remaining half of the year.
Meanwhile, the Share Price on the MPICO counter at the Stock Exchange remains steady at MK15 per share.
MPICO was incorporated on the 12 August, 1972 with a nominal capital of MK4m by Capital City Development Corporation, a parastatal established with the objective of attracting international and Malawian based commercial investment in the development of Malawi’s new Capital City, Lilongwe, in accordance with the Capital city Construction Act of 1968.
While CCDC concentrated on fabricating infrastructure for the new Capital City, low cost shelter, government offices and housing, MPICO concentrated on building private sector offices, housing, shops, factories, hotels, warehousing e.tc 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 utilized or available of over MK29m, involving 59 investors other than CCDC.