Africa-Press – Malawi. Nico Capital, a subsidiary of Nico Holdings plc, has said it is investing $40 million (approximately K40 billion) into a hotel project in Lilongwe. This is according to Nico Holdings plc Managing Director Vizenge Kumwenda.
He said this on the side-lines of Nico Group family day which took place in Blantyre on Saturday. Kumwenda said the construction of the hotel will serve the company’s purpose to put up high returns investments outside the financial sector.
“We want to grow our ecosystem through portfolio investments by investing in different sectors where we can take up a sizable stake as long as we find good partners in those sectors and very soon we will break ground on a very huge project in Lilongwe where we will construct a hotel,” he said.
Nico Capital started its operations in July last year and became the ninth company under the conglomerate. Other companies are operating in the banking, insurance, technology and real estate sectors.
Kumwenda said since its establishment, the company is settling well and expressed hope that the objectives of the company will be met and contribute to the growth of the group.
“We have started off well but just like any company, there are a lot of things one has to deal with before it can reach a stage where we can say it has finally taken off but by now we have dealt with all administrative issues,” he added.
Other subsidiaries for Nico Group are NBS Bank, Nico Life Insurance, Nico Technologies, Nico Asset Managers, and Nico pensions among others. Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk. He is however flexible as he also writes about current affairs and national issues.
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