Emaswati gets to own 24.99% of FNB Eswatini through the sale of shares by the FirstRand Group, the firm said yesterday.
It said the listing of FNB Eswatini on the Eswatini Stock Exchange showed 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, including 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 FirstRand welcomed the new shareholders who would partner in the growth of FNB Eswatini. However, the group tetained 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% with 4.99% being reserved for the ongoing benefit of FNB Eswatini employees through an employee trust.
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.