By Steven Godfrey Mkweteza

Nico holdings limited plc has unveiled its ambitious plans that will see it constructing a five star Hotel in the country’s capital Lilongwe within the next twelve months.

The managing director for the holding company Vizenge Kumwenda told journalists in Blantyre on the sidelines of the holdings extraordinary annual general meeting.

Kumwenda said the project will comprise a five star Hotel which will house 180 rooms, a conference Centre and shopping mall among others.

He said Nico holdings will invest a total of 80 million dollars for the project.

Kumwenda said Nico holdings has also gone into partnership with Elis property developers group limited of south Africa to develop various properties such as residential properties in the country.

“It’s an undeniable fact that tourism is booming in the country and we see a potential in investing in the sector. We have partnered with experts from Elis properties group limited to help us to develop the multi-million kwacha complex,” said Kumwenda.

On the 2017 business highlights, Kumwenda described the year as successful as the company received good support from its customers.

The extraordinary general meeting was aimed at appointing and re-appointing Harold Bijoux and Patrick Chilambe, the previous directors who were over the age of seventy years.

Section 169 of the companies act provides that an office of the director shall became vacant at the conclusion of the annual general meeting commencing next year after the director attains the age of seventy; but that a person of over the age of seventy years may by ordinary resolution be appointed or re-appointed as director to hold office until the annual general meeting of the company.

Nico holdings limited plc is listed on the Malawi stock exchange {MSE}. It is a mother body for Nico life insurance, Nico general insurance, Nico asset managers, Nico technologies and NBS bank. The group also owns Chichiri Shopping mall in Blantyre.