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AGSPAC posts first results after stock listing

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AGSPAC Director Paul Friedlander. (File pic)
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MBABANE – Newly-listed investment company AGSPAC Limited has released its first interim financial results since joining the Eswatini Stock Exchange (ESE).

The company has reported a loss of E137 136 for the six months ended December 31, 2025, as it lays the groundwork for future investments across the agricultural value chain.

The results mark a significant milestone for the company, which officially listed on the ESE on January 16, 2026, becoming the 10th company to trade on the local bourse.

AGSPAC, which trades under the ticker symbol AGS, was listed by way of introduction rather than through a traditional Initial Public Offering (IPO).

At listing, the company debuted at E1.00 per share with 11 million issued shares, giving it an initial market capitalisation of E11 million.

According to the company’s interim financial statements, AGSPAC generated interest income of E19 981 during the six-month period.

However, operating and administration expenses amounting to E202 828 exceeded revenue, resulting in a loss before tax of E182 847. After accounting for a deferred tax credit of E45 712, the company recorded a net loss of E137 136.

Management attributed the losses to the company’s current developmental stage, noting that the business is yet to commence its intended investment activities.

“The business was listed in January 2026 and is currently not generating any income, other than interest income earned on cash,” the company stated in its performance commentary.

The company further explained that its major expenditure items during the reporting period related to professional and regulatory services required to prepare the business for its operations as a publicly listed entity.

“The main expenses of the business are professional fees for accounting, regulatory and other work provided by consultants,” management stated.

Despite the loss, AGSPAC ended the reporting period with a strong cash position of approximately E8 million. Cash and cash equivalents increased significantly from E3 016 at the beginning of the period to E8.02 million at the end of December 2025.

The company said the strong liquidity position resulted primarily from proceeds raised through the issuance of shares.

“Cash and cash equivalents of E8 million is as a result of receipts from the issue of shares,” the company noted. The statement of financial position shows total assets of E8.11 million, consisting mainly of cash balances, a deferred tax asset of E89 333 and amounts due from related parties amounting to E105 000.

On the liabilities side, AGSPAC reported accounts payable of E345 000, resulting in total liabilities of the same amount.

Shareholders’ equity stood at E7.76 million, comprising share capital of E110 000, share premium of E7.92 million and accumulated losses of E267 999.

The company did not declare or pay any dividend during the reporting period.

*Full article available on Pressreader*  

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Written by
Nhlanganiso Mkhonta

Nhlanganiso Mkhonta serves as Business Editor at the Times of Eswatini. He reports on business, economics, finance, investment, entrepreneurship and public policy, producing insightful coverage and analysis of the issues driving Eswatini’s economy and the wider African business environment.

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