INALA CAPITAL RAISES E75M

MBABANE – Despite that Inala Capital Limited had no dividend income from underlying investments, the past year was productive, as it raised E75 million.
The Eswatini Stock Exchange (ESE) listed company in its provisional unaudited financial results for the year ended September 30, 2019, reported that the 2019 calendar year was a productive year for Inala as over 80 per cent of the raised E75 million was already deployed.

In its outlook, Inala Capital Limited reported that it would continue to look for new investment opportunities and aimed to conclude further transactions in 2020.

Incorporation

From its investment of E62.5 million since incorporation, the company reported that its Net Asset Value (NAV) per share at the end of the financial period was E1.03. 

Also, it was reported that the equity investment portfolios were valued at E43.9 million.
Inala Capital Limited was founded on the basis that it had to create a formal investment vehicle, which was listed on the ESE and that provided investors with attractive long term returns.

The listing of the business entity in the ESE happened on June 3, 2019.
During the period under review, Inala Capital Limited’s total comprehensive income was E320 064. This follows that the company had an interest income of E499 726 while its operating expenses were E2 005 845.

Expenses

The operating expenses comprised of day-to-day operational expenses incurred to run the business, audit fees, professional fees, listing fees and the African Alliance (managers’) management fee.

This left an operating loss of E1 506 119 which was bolstered by unrealised gain on revaluation of investments that amounted to E1 412 000. Also, there was the income tax credit of E414 183 which when deducting the loss before taxation of E94 119 amounted to the total comprehensive income of the aforementioned figure.

During this period, the interest income from the year was E499 726 which related to interest from the E20 million Promissory Note investments.
Furthermore, the company acquired 27.2 per cent of Alliance Foods (Pty) Limited, 8.7 per cent of General Africa Foods Eswatini (Pty) Limited and invested E20 million in a short-term debt instrument.

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