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SIDC INVESTS E20M IN SWAZI MOBILE SHARES

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EZULWINI – More companies continue to show confidence in the country’s second mobile operator as Swaziland Investment Development Company (SIDC)  has joined the fray by investing E20 million towards acquisition of shares.


SIDC Chief Executive Officer (CEO) Phiwayinkhosi Ginindza has disclosed that the corporation owns a stake in the newly launched mobile operator after having successfully completed the first phase of negotiation talks with the company that seeks to work, connect and serve the Swazi nation.


Explaining why SIDC found it prudent to invest into Swazi Mobile shares, Ginindza said they as an organisation were greatly concerned about industrial development in the kingdom. He said by virtue of the fact that Information, Communication and Technology (ICT) was now used as one of the measures on the ease of doing business by the World Bank development of the industry for the better remains crucial.


“ICT has cross cutting benefits that will not improve the industry alone but ensure that our economy realises positive growth,” said Ginindza.   


When asked to state the exact number of shares and amount of investment, Ginindza politely asked to play his cards close to his chest. However, independent investigations by the Business Desk unearthed that SIDC had already invested E20 million and had intentions to invest more into the company in future.


It should also be mentioned that Swaziland National Provident Fund (SNPF) has in the past also declared interest to invest into Swazi Mobile. 
SNPF Chief Executive Officer (CEO) Prince Lonkhokhela disclosed that talks were at an advanced stage within the organisation’s managerial structures to invest in the new mobile telephony company.

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