Times Of Swaziland: IDCE INVESTS OVER E50M IN 2018

IDCE INVESTS OVER E50M IN 2018
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BY KWANELE DHLADHLA  on 29/11/2018 04:13:00


EZULWINI – In its quest to foster industrial development in the kingdom,
Industrial Development Company of Eswatini (IDCE) ‘dished out’ over E50
million in 2018.
From this total sum, E20 million was injected in equity while the rest was
invested in business finance and agriculture together with Small and Medium
Enterprises.
The latest investment by IDCE which was also approved by the Swaziland
Competition Commission (SCC) was of AON Holdings B.V.’s 60 per cent
shareholding in AON Swaziland (Pty) Ltd.
Invested
The acquiring firms of the shareholding valued at E28 million were not only IDCE
but also included and AON Swaziland Staff Share Ownership Plan Trust
(“ASSOPT”).
The industrial development company also invested in Wundersight towards a solar
powered electricity generation plant.
The plant, which is located at a 20 hectare farm secured by Wundersight Group at
Ka-Langa in Siteki, was previously reported to avail over 100 jobs when it kicks
off.
Other investments by IDCE include two per cent shares ownership at Swazi Mobile.
The institution which has been operational since October 1987, also owns shares
at the Swazi Plaza and Corporate Place, Simunye Plaza, Swaprop and Pigg’s Peak
Plaza.
IDCE Business Development Manager Khetsiwe Mdluli – Dube said the company had
strong intentions to indentify more opportunities in order to make more
businesses to grow in leaps and bounds. She said the ultimate objective was to
ensure that the local economy improves for the better.
“We are keen on ensuring that Eswatini is a hive of industrial development,”
said Mdluli-Dube during the IDCE seminar convened at the Royal Villas yesterday.
The business development manager mentioned that shareholders of IDCE which is
valued at over E1 billion are; Eswatini government (34.95 per cent), Swaziland
National Provident Fund (61.95 per cent), Standard Bank (1.55 per cent) and
Nedbank (1.55 per cent).
IDCE Chief Executive Officer (CEO) Phiwayinkhosi Ginindza said they greatly
appreciated the assistance received from both shareholders and stakeholders whom
they engage from time to time.
He said it was also pleasing to note they were being acknowledged by their
partners who helped to achieve their agenda of improving industrial development
in the country.
Opportunities
Ginindza pointed out that improving industrial development was made possible
through strategic partners such as the Development Bank of Southern Africa
(DBSA) and Youth Enterprise Revolving Fund among others.
“Through partnerships with organisations such as the youth fund we seek to
avail more employment opportunities and improve our economy for the better,”
Ginindza explained.
The CEO also called upon all companies financed by IDCE not to work in silos but
rather collaborate in order to have a positive effect on different sectors of
the economy.
The Director of Touch IT, whose business mainly focuses on providing internet
solutions, said they were highly grateful to IDCE for being a good listener and
financier of SME’s. He said through IDCE they were able to meet their business
needs and ultimately improve service provision in the kingdom.
Sincobanjalo Investments Project Manager Xolile Magagula added: “Thanks to
IDCE for low interest rates which make repaying loans easier when compared to
other financial service providers in the kingdom.”