SWAZI MOBILE NOW WORTH E1.2 BILLION

MBABANE – Hardly three months since it was launched, the country’s second mobile telecommunications company, Swazi Mobile, is now worth E1.2 billion.

The company is worth 100 000 000 shares valued at E12.00 a share, which translates to the E1.2 billion.
This has been confirmed by Swazi Mobile Chairman Victor Gamedze and the company’s Legal Advisor Sidumo Mdladla during an interview at the telecommunications entity’s offices on Wednesday.

This was after the duo was approached with information gathered by this publication to the effect that the company’s shares had increased from an initial 10 000 shares valued at E1.00 a share to the 100 000 000 shares. The value of the shares, sources informed the Times SUNDAY, increased due to continued investment being pumped into the company as well as other contributing factors.

As the investment increased, Swazi Mobile then took and implemented a special resolution to re-evaluate the company. It was ascertained that the whole idea of increasing the shares was to have the company listed and the people could have an opportunity to buy shares.

“So, as and when the people buy these shares, they are removed from the company’s main shareholders to the people,” said an impeccable source.
The source said to start a mobile telecommunications company, one had to spend approximately E1 billion or more.
“Immediately you install the equipment and machinery, the value of the company immediately goes up automatically. To install these is not less than a billion emalangeni. So, that’s why the share value is now at E12.00,” he said.

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