Looking To Invest? FNB Selling 20% Shares To Public

EZULWINI – There are fresh investment opportunities for emaSwati thanks to First National Bank availing 20% of its shares. On June 22, 2018, the leading transactional bank, announced that it is commencing the process to sell the shares in a transaction it believes will drive long term benefits for the financial institution and the country. The sale of the shares will be through a listing in the Swaziland Stock Exchange (SSX). The objective is to achieve a broad-based local shareholding and empower a large group of emaSwati, including staff of FNB Swaziland. The transaction, subject to regulatory approvals, will be facilitated through the sale of a portion of its shareholding by parent company FirstRand Limited, one of Africa’s largest financial services groups listed in the Johannesburg Stock Exchange (JSE).

The detailed criterion, qualification process and share price is expected to be released in September soon after commencement of the bank’s financial year which begins in July 1,
2018.

FirstRand Limited’s Samantha Baldson explained that acquisition of the shares would be open to every sector of society including individuals, companies, pension funds cooperatives
and all interested parties.

She appealed to local brokers to also assist potential investors as they decide on whether to tap into the investment opportunity availed by the bank which opened shop in the kingdom in
1995.
Melvin Mkhomo, who represented Governor of the Central Bank of Eswatini (CBE) Majozi Sithole, said the regulator notes the approach FNB has taken towards its proposed localisation. He pointed out that the strategic intent to empower emaSwati was appreciated
and applauded.

FNB selling 20% shares to public EZULWINI – There are fresh investment opportunities for emaSwati thanks to First National Bank availing 20% of its shares. On June 22, 2018, the leading transactional bank, announced that it is commencing the process to sell the shares in a transaction it believes will drive long term benefits for the financial institution and the country. The sale of the shares will be through a listing in the Swaziland Stock Exchange (SSX). The objective is to achieve a broad-based local shareholding and empower a large group of emaSwati, including staff of FNB Swaziland. The transaction, subject to regulatory approvals, will be facilitated through the sale of a portion of its shareholding by parent company FirstRand Limited, one of Africa’s largest financial services groups listed in the Johannesburg Stock Exchange (JSE). The detailed criterion, qualification process and share price is expected to be released in September soon after commencement of the bank’s financial year which begins in July 1, 2018. FirstRand Limited’s Samantha Baldson explained that acquisition of the shares would be open to every sector of society including individuals, companies, pension funds cooperatives and all interested parties. She appealed to local brokers to also assist potential investors as they decide on whether to tap into the investment opportunity availed by the bank which opened shop in the kingdom in 1995. Melvin Mkhomo, who represented Governor of the Central Bank of Eswatini (CBE) Majozi Sithole, said the regulator notes the approach FNB has taken towards its proposed localisation. He pointed out that the strategic intent to empower emaSwati was appreciated and applauded.

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