SEL WANTS SWAZI MOBILE SHARES

EZULWINI – If sentiments and a unanimous decision taken by Swaziland Empowerment Limited shareholders on Friday are anything to go by, then the investment holding company will buy a stake in Swazi Mobile.

SEL’s Committee on Investment has been given an assignment to go and re-evaluate the viability of investing in the country’s second mobile telecommunications company.
Leading the call was former Managing Director of the Swaziland Posts and Telecommunications Corporation (SPTC) Alfred Dlamini.
This was after the Committee Chairperson Dan Ntshalintshali had informed SEL shareholders during the annual general meeting on Friday that they had decided against investing in Swazi Mobile for now because the company was not yet viable.

However, the shareholders present at the meeting would hear none of this as they were explicit that they wanted a stake in the newly-established company.

The issue was first raised by an unidentified shareholder who asked Board Chairman Cleopas Dlamini and Company Secretary Makhosazana Mhlanga if SEL could buy shares at Swazi Mobile given that it also held shares at Swazi MTN.

To this the secretary responded: “In terms of the Joint Venture Agreement, SEL can buy shares from a competitor provided you don’t exceed five per cent.” When the issue was discussed deeper, Ntshalintshali said during the year under review, the Board considered a number of investment opportunities, including Swazi Mobile, but ended up investing in Fincorp and Select Management Limited where they put E20m into each company.

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