Swazi Observer

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MICHELO TAKES OVER FROM VICTOR GAMEDZE

By Lungelo Nkambule | 2018-02-23

Fast growing telecommunications company Swazi Mobile yesterday confirmed the appointment of its co-founder Michelo Shakantu as the new Chairman of the Board.

This was revealed yesterday by the company’s Chief Executive Officer Jeff Penberton when responding to questions posed by journalists at a media briefing to announce progress in the company’s efforts to be listed on the Swaziland Stock Exchange.

Penberton, a well-known telecommunications strategist, told the media that Swazi Mobile would soon be listed in the Stock Exchange as soon as possible, which would allow Swazis and business people interested to buy shares from the company to be able to do so.

“Michelo Shakantu is now Chairman of the Board,” he said briefly.

Shakantu co-founded Swazi Mobile with the late Victor Gamedze who held the position previously and will now take over from where he left off.

Gamedze passed away on January 14 after he was gunned down at Galp Filling Station in Ezulwini. Shakantu is also Inyatsi Group Executive Director.

Penberton also revealed that the 14 000 subscribers who had qualified for shareholding through the Shares Reward Programme would be joining already existing shareholders Swaziland National Provident Fund (SNPF), CherryBite (Pty) Ltd, Stage 1 Connections (Pty) Ltd and Swaziland Investment Development Corporation (SIDC).

The listing of the company on the Swaziland Stock Exchange Market will allow other Swazis interested in becoming shareholders of the telecommunications company to do so.

…14 000 qualify for Swazi Mobile shares

While the company set aside shares for the first 100 000 subscribers, only 14 000 qualified for the Swazi Mobile shares reward programme.

This was revealed yesterday by Swazi Mobile Chief Executive Officer Jeff Penberton at a press conference.

Penberton was announcing the team that was tasked with ensuring the network’s stock exchange Market Floatation.

Penberton, in his address, stated that the company had set aside shares due to the 14 000 subscribers who had qualified for the programmes.

He reassured the 14 000 qualifying for the free shares programme that the company being listed in the Stock Market would have no effect on their shares as these had been set aside for them and as soon as the company was listed they would receive their share certificates.

“We can confirm that we have set aside 840 000 Swazi Mobile shares for the 14 000 that qualified for our shares reward programme and have submitted the KYC documents,” he said.

certificates

“These will be contacted by Swaziland Stockbrokers to collect their share certificates when the Swaziland Stock Exchange (SSX) approves that the shares can be listed,” he said.

Penberton further stated that of the 14 000 Swazis that had qualified, only 11 000 had submitted the KYC documents claiming their shares.

The deadline for submitting shares is next week Tuesday and people have been advised to do so before the deadline.

The shares reward programme was launched by the company in January last year a few days before going live.

promises

When presenting the programme, the late Board Chairman Victor Gamedze said the Shares Programme was a manifestation of the promises made by the company to the Swazi nation that Swazi Mobile was for Swazis by Swazis, hence Swazis must co-own the company that was started by a Swazi.

To qualify, subscribers had to spend E600 on airtime, receive at least 30 calls from 30 unique numbers over a period of three months.

The programme began in August and was initially meant to end on December 31, the deadline was later shifted to January 31.

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