By Bahle Gama | 2020-01-14
Eswatini Stock Exchange (ESE) has granted the Eswatini Development Finance Corporation (FINCORP) listing to their Medium term Note Programme.
The authorized size of the programme is E300 million and it will be drawn down within 24 months.
The advert published by the African Alliance in 2019 stated that the listing was supposed to take effect on November 17.
According to FINCORP Chief Financial Officer (CFO) Justice Simelane, the ESE’s approval was conditional pending submission of signed financial statements.
“The approval published through an advert by African Alliance was referring to a conditional approval as we had submitted the application with draft audited financial statements. Our financial statements were delayed because of the adoption of a new accounting standard, IFRS9, which introduced significant changes in the way credit loss allowances have to be determined. The audited financial statements were eventually approved and signed by the board of directors on December 20, 2019. We have since forwarded the signed audited financial statements,” he said.
He added that there were investors who were in the old Medium term Note Programme who had shown interest in the new programme.
“The people in the old programme indicated that they were interested in the new programme and some of the investors have already invested in the new programme,” he said.
Simelane also mentioned that the notes would be denominated in Emalangeni and will not be subject to any maximum maturity but will have a minimum maturity of 12 months. The maximum aggregate nominal amount of notes outstanding from time to time will not exceed the equivalent of E300 million.
“The primary listing of the programme is the ESE and notes issued under the programme will be subject to the terms and conditions of applicable pricing supplement and the general terms and conditions of the notes as set out in the programme memorandum,” he said. He said the abridged prospectus was issued in compliance with the listings requirements of the ESE for the purpose of providing information to the public with regard to the FINCORP MTN programme. “FINCORP has had considerate success in providing access to financial services to large numbers of entrepreneurs whilst maintaining both high repayment rates and financial sustainability. Investment opportunities continue to be explored primarily in the development finance market,” he added. The advert also mentioned that in 2003 the product offering was broadened to include retail lending. The lending methodology of FINCORP encompasses both wholesale and retail lending.
“As a relatively young organisation, FINCORP has a considerate success in reaching large numbers of entrepreneurs whilst maintaining both high repayment rates and financial sustainability. Investment opportunities continue to be explored primarily in the development finance market,” read the advert.
Post Your Comments Below
THE Scholarship Consortium has since suspended one of its employees who was recorded in an audio ...
Eswatini and neighbouring South Africa are looking to collaborate in improving tourism as opposed...
All material © Swazi Observer. Material may not be published or reproduced in any form without prior written permission.
Design by Real Image Internet