{"id":39381,"date":"2023-12-04T18:04:21","date_gmt":"2023-12-04T18:04:21","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese"},"modified":"2023-12-04T18:32:59","modified_gmt":"2023-12-04T18:32:59","slug":"fnb-eswatini-sells-26-6m-shares-lists-on-ese","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese","title":{"rendered":"FNB ESWATINI SELLS 26.6M SHARES, LISTS ON ESE"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>FNB Eswatini has sold in aggregate 26 600 000 ordinary shares to institutional investors selected by the company at a sale price of E14.83 per ordinary share, by way of a private placing.<\/b><\/p>\n

The said shares were constituting 20 per cent of the issued ordinary shares. This is according to the FNB Eswatini abridged pre-listing statement relating to the listing by introduction of FNB Eswatini\u2019s ordinary shares on the main board of the exchange operated by the Eswatini Stock Exchange (ESE), with effect from the commencement of trading tomorrow. FNB Eswatini has applied to the Listings Committee of the ESE, which has agreed to grant approval for a listing of all the ordinary shares of FNB Eswatini on the main board of the ESE, subject to compliance with the listings requirements.<\/p>\n

It is expected that such listing will become effective and that dealings in the shares will commence from tomorrow. The listing will be on the main board of the ESE, under the abbreviated name First National Bank of Eswatini and share code FNBE. This abridged PLS is not and shall not constitute an offer, or an invitation or solicitation, to acquire the ordinary shares in any jurisdiction (including, without limitation, Eswatini), and is issued in compliance with the listings requirements for the purpose of providing information to shareholders with regard to FNB Eswatini.<\/p>\n

Definition<\/b><\/p>\n

FNB Eswatini will be the ninth company and the second bank to be listed on ESE, following Nedbank Eswatini. Otherwise the eight companies that had been listed on ESE are Nedbank Eswatini, Royal Eswatini Sugar Corporation (RES Corp), Swaziland Empowerment Limited (SEL), Swaziland Property Limited (SWAPROP), Greystone Partners, SBC Limited, Inala Capital and Nkonyeni Pre-Cast (NPC) Limited. NPC Limited was the latest company to be listed on ESE as it was listed just last month. By definition, listing means the formal admission of securities of a company to the trading platform of the exchange. It is defined as a significant occasion for a company in the journey of its growth and development. It enables a company to raise capital while strengthening its structure and reputation.<\/p>\n

The main purposes of the listing of FNB Eswatini are to: (i) diversify and increase the local ownership of FNB Eswatini in Eswatini; (ii) boost the corporate profile of FNB Eswatini; and (iii) contribute to the development and expansion of the capital markets in Eswatini. Speaking during a session with the media at the end of September, where the bank presented its annual financial statements for the year ended June 30, 2023, FNB Eswatini Chief Executive Dennis Mbingo explained that, starting with pension funds or institutions investors made sense for now, as they were known to have thousands of members. Mbingo had just revealed that the bank was now on course to implement a plan it announced in 2019, of an intention to allocate a minority of its shareholding to local investors, including pension funds. This process was suspended in 2019 to ensure that all regulatory matters were fully addressed. It was further delayed by subsequent events, specifically the 2020\/2021 COVID-19 pandemic and social disturbances.<\/p>\n

Finality<\/b><\/p>\n

According to Mbingo, the effort is being persuaded to finality in the June 30, 2024 financial year, subject to final regulatory approvals and has targeted the same investor profile of collective investment schemes that was approached previously. He mentioned that the thousands of members in those pension funds will be able to claim that they owned part of FNB Eswatini. \u201cWe are not saying no to individuals but the plan is that at this stage the focus is on the pension funds, because they are made up of large groups. If we were to bring in individuals, it would get complex. It can also take a long time. Also, dealing with pension funds in terms of the rules of the stock exchange makes it easier to accelerate such a project,\u201d Mbingo said. He mentioned that not all was lost as when the time is right, conversations around involving individuals might come into play. \u201cOnce we list, individuals can have access to the shares but from a listed perspective once we are on the stock exchange,\u201d he said.<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. FNB Eswatini has sold in aggregate 26 600 000 ordinary shares to institutional investors selected by the company at a sale price of E14.83 per ordinary share, by way of a private placing. The said shares were constituting 20 per cent of the issued ordinary shares. This is according to the FNB […]<\/p>\n","protected":false},"author":84,"featured_media":39380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[234,248,249],"class_list":["post-39381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-eswatini","tag-eswatini"],"yoast_head":"\nFNB ESWATINI SELLS 26.6M SHARES, LISTS ON ESE - Eswatini<\/title>\n<meta name=\"description\" content=\"FNB Eswatini has sold in aggregate 26 600 000 ordinary shares to institutional investors selected by the company at a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FNB ESWATINI SELLS 26.6M SHARES, LISTS ON ESE\" \/>\n<meta property=\"og:description\" content=\"FNB Eswatini has sold in aggregate 26 600 000 ordinary shares to institutional investors selected by the company at a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-04T18:04:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-04T18:32:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/12\/sm_1701702087.326854.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"520\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"FNB ESWATINI SELLS 26.6M SHARES, LISTS ON ESE\",\"datePublished\":\"2023-12-04T18:04:21+00:00\",\"dateModified\":\"2023-12-04T18:32:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese\"},\"wordCount\":703,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2023\/12\/sm_1701702087.326854.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eswatini\",\"Eswatini\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/fnb-eswatini-sells-26-6m-shares-lists-on-ese\",\"name\":\"FNB ESWATINI SELLS 26.6M SHARES, LISTS ON ESE - 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