SEL TO INVEST IN SWAZI MOBILE

MBABANE – Eswatini’s first 100 per cent owned mobile company continues to be a viable investment for Swazi Empowerment Limited (SEL).

The company, whose primary investment is the 19 per cent shareholding in Swazi MTN, valued at E492 million as at March 31, 2018, has expressed strong intentions to invest into the mobile operator.

Chairman of the SEL Investment Committee Dan Ntshalintshali, informed shareholders that plans were well underway to finalise injecting cash into Swazi Mobile soon after approval by the Board, after interrogating the company’s profitability through financial statements.

“We have met with Swazi Mobile who made an impressive presentation, which we are considering but will be finalised soon after they have presented us with the financial statements,” said Ntshalintshali during the annual general meeting (AGM) convened at the Swaziland Water Services Corporation on Friday.

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Swazi Mobile Corporate Communications Manager Nosipho, said they were not in a position to comment when questioned about the matter.
Investments at Swazi Mobile are MAPADO, Swaziland National Provident Fund (SNPF), Eswatini Development Corporation (EIDC) and Swazi Mobile

Trust.    

It should be mentioned that current year interest income for SEL as stated in its annual report, was mainly from investments in government of Eswatini bonds amounting to E25.4 million, Eswatini Development Finance Corporation (FINCORP) bonds amounting to E20 million and Select Limited bonds amounting to E20 million.

Further, the chairman also disclosed that they were closely monitoring the developments at First National Bank (FNB), following the company’s public announcement of intent to avail a pie of their shareholding to the public. FNB recently made a statement of intent to dispose of 20 per cent shares through a listing in the Swaziland Stock Exchange (SSX).

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Arguably the most technology advanced bank in the Kingdom of Eswatini, which circulates E40 billion online transactions annually, the bank commenced a process to sell the shares in a transaction it believed would drive long-term benefits for the financial institution and the country.
The objective was to achieve a broad-based local shareholding and empower a large group of emaSwati, including staff of FNB Swaziland.

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