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IDCE INVESTS OVER E50M IN 2018

29/11/2018 04:13:00 BY KWANELE DHLADHLA

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EZULWINI – In its quest to foster industrial development in the kingdom, Industrial Development Company of Eswatini (IDCE) ‘dished out’ over E50 million in 2018.

From this total sum, E20 million was injected in equity while the rest was invested in business finance and agriculture together with Small and Medium Enterprises.

The latest investment by IDCE which was also approved by the Swaziland Competition Commission (SCC) was of AON Holdings B.V.’s 60 per cent shareholding in AON Swaziland (Pty) Ltd.

Invested

The acquiring firms of the shareholding valued at E28 million were not only IDCE but also included and AON Swaziland Staff Share Ownership Plan Trust (“ASSOPT”).

The industrial development company also invested in Wundersight towards a solar powered electricity generation plant.
The plant, which is located at a 20 hectare farm secured by Wundersight Group at Ka-Langa in Siteki, was previously reported to avail over 100 jobs when it kicks off.

Other investments by IDCE include two per cent shares ownership at Swazi Mobile.
The institution which has been operational since October 1987, also owns shares at the Swazi Plaza and Corporate Place, Simunye Plaza, Swaprop and Pigg’s Peak Plaza.

IDCE Business Development Manager Khetsiwe Mdluli – Dube said the company had strong intentions to indentify more opportunities in order to make more businesses to grow in leaps and bounds. She said the ultimate objective was to ensure that the local economy improves for the better.

“We are keen on ensuring that Eswatini is a hive of industrial development,” said Mdluli-Dube during the IDCE seminar convened at the Royal Villas yesterday.
The business development manager mentioned that shareholders of IDCE which is valued at over E1 billion are; Eswatini government (34.95 per cent), Swaziland National Provident Fund (61.95 per cent), Standard Bank (1.55 per cent) and Nedbank (1.55 per cent).

IDCE Chief Executive Officer (CEO) Phiwayinkhosi Ginindza said they greatly appreciated the assistance received from both shareholders and stakeholders whom they engage from time to time.
He said it was also pleasing to note they were being acknowledged by their partners who helped to achieve their agenda of improving industrial development in the country.

Opportunities

Ginindza pointed out that improving industrial development was made possible through strategic partners such as the Development Bank of Southern Africa (DBSA) and Youth Enterprise Revolving Fund among others.
“Through partnerships with organisations such as the youth fund we seek to avail more employment opportunities and improve our economy for the better,” Ginindza explained.

The CEO also called upon all companies financed by IDCE not to work in silos but rather collaborate in order to have a positive effect on different sectors of the economy.

The Director of Touch IT, whose business mainly focuses on providing internet solutions, said they were highly grateful to IDCE for being a good listener and financier of SME’s. He said through IDCE they were able to meet their business needs and ultimately improve service provision in the kingdom.

Sincobanjalo Investments Project Manager Xolile Magagula added: “Thanks to IDCE for low interest rates which make repaying loans easier when compared to other financial service providers in the kingdom.”