Emaswati get to own 24.99% of FNB Eswatini (www.FNBSwaziland.co.sz) through the sale of shares by the FirstRand Group.
The listing of FNB Eswatini on the Eswatini Stock Exchange shows strong support for the local capital market and the potential for Emaswati to continue developing the Eswatini economy.
The Group has decided to sell shares to local shareholders, in a move that will benefit broad base of Emaswati who are beneficiaries of the entities that have invested in FNB Eswatini.
This includes a significant proportion of the country’s pensioners and savers who, in this transaction, are represented by the largest Pension Fund in Eswatini, the largest Provident Fund, the largest Private Sector Umbrella Fund, one of the largest and oldest Cooperative Societies, as well as Asset Managers who hold substantial consumer savings.
Speaking on behalf of the FirstRand Group, Sam Baldson said that FirstRand welcomes the new shareholders who will partner in the growth of FNB Eswatini, further mentioning that the Group still retains a significant amount of shareholding in FNB Eswatini.
“FirstRand has sold 24.99% of the bank, retaining 75.01%. This level of shareholding is critical because the FirstRand Group remains key to the business. Beyond the critical role of Management and the Board, FirstRand Limited will remain pivotal to maintaining stability and addressing future shock risks as has happened during the last global financial crisis”, said Balsdon.
The new shareholders are to jointly own 20.00% with 4.99% being reserved for the ongoing benefit of FNB Eswatini employees through an Employee Trust. The Trust allows employees to have long-term participation in future dividends of an organization they have helped build. Employees will not own the shares directly, to allow all future employees to benefit, but will receive dividends equally, regardless of seniority in the organization.
The previous attempt to include an offer to the public was complicated by the size of the demand and the regulatory requirements that needed to be met. Members of the public can have access to the shareholding of FNB Eswatini after the listing as and when current investors seek to realise the value of their holdings.
The FirstRand Group appreciates the partnership it has historically held – and continues to hold - with stakeholders and regulators, not just in Eswatini but in the rest of its broader Africa subsidiaries.
Distributed by APO Group on behalf of First National Bank Eswatini (FNB).
For media queries, contact:
Zethu Dlamini
Chief Marketing Officer
Zethu.Dlamini@fnb.co.za
Latest Stories
-
Putin says Russia will use new missile again in ‘combat conditions’
7 mins -
We have rescued kidnapped Emirates Airlines Airport Services Manager – Police
30 mins -
Bawumia-branded campaign vehicle burns, occupants escape unscathed
47 mins -
Bawumia, thousands observe ‘Jummah’ prayers as new Walewale Central Mosque is commissioned
1 hour -
Peasant farmers hail Bawumia as Walewale Watermelon Factory is commissioned
1 hour -
Joy FM Prayer Summit for Peace ends in electrifying worship and prayer
9 hours -
The Conscience of Leadership: A call to President Akufo-Addo on Ghana’s environmental devastation
9 hours -
Ghanaian youth unaware of their right to hold politicians accountable – Youth Bridge Foundation
10 hours -
Judge delays Trump sentencing for a third time
11 hours -
2024 WAFCON: Ghana drawn against defending champions South Africa in Group C
11 hours -
Photos from DW-JoyNews street debate on ‘galamsey’
12 hours -
Mimmy Yeboah: Blending heritage with global sophistication, confidence redefined through couture
12 hours -
100 Most Influential People Awards 2024: Brain Hill International School’s Director Mary Anane Awuku honoured
12 hours -
Akufo-Addo commissions 97-km Tema-Mpakadan railway line
13 hours -
Majority requests recall of Parliament
13 hours