PSPF BUYS 50% OF THE GABLES FOR E170M

MBABANE – It cost pensioners E170 million to own a 50 per cent stake at one of the largest shopping centres in the kingdom, The Gables.

This was through the acquisition of 50 per cent shares of the Gables (Pty) Ltd by Public Service Pensions Fund (PSPF), a public organisation established in 1993 for the management and administration of pensions for government (public sector) employees.

PSPF Chief Executive Officer (CEO) Cleopas Dlamini said the transaction was completed last month.
“We paid E170 million to acquire the 50 per cent shares,” Dlamini disclosed.

Mentioned

He mentioned that the two shareholders’ management board would soon appoint an independent property manager for the centre which, among other things, comprises of a cinema, restaurants, banks, tourism facilities and corporate offices.
Asked why PSPF considered purchasing a stake of the Gables a viable investment, Dlamini explained that the strategic location of the shopping centre had been one of the most key motivating factors.
“When taking into consideration some of the major developments ongoing and room for development of the shopping centre, we found it viable to invest at the Gables,” Dlamini explained.  

 
Major ongoing developments at Ezulwini include the multimillion International Convention Centre, (ICC) Five Star Hotel and Swaziland Revenue Authority headquarters, among others.                 
The Ministry of Commerce, Industry and Trade in their end of year performance for the financial year ended 2017/18, under the Swaziland Competition Commission (SCC) confirmed that the multimillion transaction had been approved in terms of the Competition Act of 2007.

The SCC is a statutory corporate body established under section six of the Competition Act with the principal objective of monitoring, regulating, controlling and preventing acts or behaviour likely to adversely affect competition in the country.     
The commission monitors mergers and acquisitions while also ensuring that there is no anti competitive trade practices.

Report

 It should be mentioned that in the 2017 annual report, Board Chairman Sandile Ceko reported that 2016 saw the fund experiencing a dynamic but challenging year with several developments taking place both in the investments and key operational areas which had directly impacted its membership base.

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