SWAZI MOBILE REGISTERS SHAREHOLDERS’ TRUST

MBABANE - True to the promise it made two weeks ago, Swazi Mobile has registered a Trust for it’s over 15 000 clients who are shareholders.

The registration of the Trust was completed on Friday and the official certificate was presented on Saturday where some of the shareholders were in attendance.

It was explained at the event that the mobile company wanted to illustrate its transparency following a general speculation to the effect that the company was no longer going to award the shares.

Chief Executive Officer, Jeff Penberton was there to present the certificate to the interim committee which as selected two weeks ago.
Penberton explained that the trust would provide a corporate veil for the 15 691 reward shareholders and enable them to enjoy the legal protection that the other corporate shareholders
Penberton informed the shareholders that originally,

the Reward Shares distribution was linked to Swazi Mobile’s stock market flotation which he said were generally complex and heavily regulated in that there was a need for full compliance which made approvals to take time.

“Our preparations for a successful stock market flotation is on-going, we still have a lot to do. To avoid further delays in the Reward Shares handover, the Swazi Mobile Board approved for management to engage with the shareholders’ groups to decide on a way forward. The outcome of the engagement is this event today,” he said.

He assured the shareholders that the independent Trust would be the custodian of the one million shares until the stock market flotation was finalised.

It was noted during the meeting that some of those who submitted the required documents after being confirmed as having qualified for the shares had not received feedback from the mobile company.

In response to this, Chief Customer Executive, Gciniwe Fakudze explained that they were currently working on a plan that would allow the company to communicate with the shareholders.

According to Fakudze, they would soon be sending messages to all the clients who qualified and said this would only be possible if they continued to use their Swazi Mobile numbers.
Fakudze lamented that there were hundreds of clients who, after having qualified for the shares, no longer used their Swazi Mobile SIM cards.

“We are pleading with everyone to go back to their shelves where they ‘hid’ their SIM Cards. We can only communicate with them through those cell numbers that they are currently not using,” she said.

The shareholders in attendance also demanded to know as to how long the interim committee would be in office to which they were informed that it would happen as soon as they were organised enough to hold elections and vote for a leadership structure.
When announcing the programme last year, the late Chairman, Victor Gamedze said the Free Shares Reward was a manifestation of the promises made by the company to the Eswatini nation that it was for EmaSwati by EmaSwati which meant that they needed to co-own the company that was started by a liSwati.
To qualify, subscribers had to spend E600 on airtime and 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, 2018.

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