IFC to sell 11.65% stake in Nico Holdings

International Finance Corporation (IFC) intends to sell its 11.65 percent stake in Malawi Stock Exchange (MSE)-listed Nico Holdings Limited to employees, directors and third parties, a cautionary statement has said.

However, this is contrary to an earlier cautionary statement Nico Holdings Limited issued in August this year, indicating that 25.1 percent of its shareholding will change hands within the group.

IFC, the largest global development institution of the World Bank Group that focuses exclusively on the private sector, came into Nico Holdings Limited in July 2011 by first acquiring stake at $10 million (K5.6 billion) in NBS Bank, a subsidiary of the financial services group.

But in a cautionary statement issued yesterday, Nico Holdings Limited company secretary Emily Makuta said: “Shareholders and the general public are, therefore, advised to exercise caution when dealing with Nico Holdings Limited shares until a full announcement is made on the outcome of this intended transaction.”