Swazi Observer

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SWAZI MOBILE TO LIST 30% SHARES ON SSX

By Majaha Nkonyane | 2018-02-25

SWAZI Mobile will be listing 30 per cent of the company’s shares on the Swaziland Stock Exchange (SSX) in fulfillment of the Swaziland Communication Commission (SCCOM) license conditions, Chief Executive officer Jeff Penberton announced in a press briefing held at the company’s head office yesterday.

Swazi Mobile has already assembled a team of experts who will help the company work on the listing process which must be completed by March, he said.

The CEO further stated that a significant part of the proceeds that will be raised from the stock market listing will be used to increase network capacity, extend network coverage, and improve network resilience to ensure that Swazi Mobile continues to offer the nation an effective competitive alternative communications option in the country.

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Penberton said 14 000 of the company’s customers have qualified for free shares through the company’s share reward programme, adding that they will be contacted by SSX to collect their share certificates once their listings have been approved.

The CEO explained that 840 000 Swazi Mobile shares have been set aside for those who qualified and have submitted their know-your-customer (KYC) documents while those who have not submitted have until the end of month to do so.

He said that customers who have qualified for shares are entitled to benefits which include amongst others a 10 per cent discount on calls and on their contracts.

Meanwhile, Stockbroker Mike Matimela said perception plays a big role in determining share prices.

“Determining a share price is done by analysts who put into consideration a lot of things,” he explained that this is because bidding comes from customers who have an idea about a company’s operations.

He explained that other aspects like a company’s constitution, if it happens that the company changes directors also affect how the company is listed.

Swazi Mobile’s current shareholders are the Swaziland National Provident Fund (SNPF), CherryBite (Pty) Ltd, Stage 1 Connections (Pty) Ltd, Swaziland Investment Development Corporation (SIDC) and the share award recipients.

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