Swazi Observer

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PM GETS E150 000 IN TWO YEARS FROM SEL

By THEMBEKA DLAMINI | 2018-02-25

Reference to Prime Minister Dr. Sibusiso Dlamini’s stake at Swaziland Empowerment Limited, which has 19 per cent shares at MTN Swaziland, might peeve him but it pays him well.

In his memoirs, he explains that he holds about 0.1 per cent in the investment company and he does not like the hype around it.

With the upcoming payment of dividend expected to take place no later than March 14, shareholders will share E23 865 00; with the PM expected to get an estimated E23 856, before taxes.

Despite the insignificant shares held by the PM, when calculating his earnings, deduced from estimation using his 0.1per cent holding, he has been handsomely paid about E150 000 in total since March 2016 when putting into account that the company declared slightly over E150 million as dividend for ordinary members registered in the company’s share register.

The payment of E150 000 to the PM is based on the five dividend payments which have been made out to shareholders since March 15, 2016 which saw them share E30 400 000 and the PM getting an estimated E30 400.

Two months later, shareholders shared E29 450 000 with the PM getting his 0.1percent of E29 450.

The following year, 2017, the first dividend dissemination of E25 163 030 saw the PM getting an estimated E25 163 and about E41 210.79 three months later from the E41 210 790 pay out in May.

SEL is an investment holding company which has over the years had the MTN investment generate a significant amount of its revenue over and above other investments which include government bonds as well as a Swaziland Development Finance Corporation loan.

Last year, the company revealed that it made a profit of E73million from E64million and the declared dividend was E41 210 790 which reflects a decrease this year.

Of note, the investment company stated that they anticipated a slump during last year’s annual general meeting where the executive stated that they anticipated a slump in earnings with the arrival of Swazi Mobile.

However, the current slump was not ascertained.

Further, the executive stated that they assessed an opportunity to invest at the Malkerns Square and buying shares from Swazi Mobile amongst others, which were however, ditched by the investment committee. This was after learning that the anticipated sale of Swaziland Post and Telecommunications Corporation was stalled. This came about after SPTC was expected to sell 30 per cent of its holding at MTN to existing shareholders while 11 per cent could have been sold to any entity of the corporation’s choosing.

However, the investment company then decided to invest in the Select and FINCORP bonds which have returns at 13 per cent.

SEL’s dividend payment for the past two years

Amount Date dividend received Date dividend paid

E30 400 000 December 16, 2015 March 15, 2016

E29 450 000 March 11, 2016 May 19, 2016

E25 163 030 December 20, 2016 February 17, 2017

E41 210 790 March 31, 2017 May 18, 2017

E23 865 000 N/A March 14, 2018

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