IDCE records E55m dividends
MBABANE - The Industrial Development Company of Eswatini (IDCE) has announced E55 Million dividends from Swazi Plaza Properties (SPP).
SPP is the largest shopping centre in Eswatini and is 100 per cent owned by IDCE. The entity, which is home to 212 businesses ranging from small local retailers to international brands such as Edgars, -et, Mr Price, Mr Price Home, Ocean %asket, Clicks, Clicks Pharmacy, Shoprite as an anchor supermarket, and major banks like F1%, Standard %ank, and 1edbank, has finished paying off loans incurred for the construction of the Corporate Place section.
Statement
In a statement yesterday, IDCE said the payment of dividends by SPP was a success and could be used to industrialise the economy.
“SPP will continue to pay dividends to IDCE according to its dividend policy of paying 80 per cent of profits as dividends.” “As IDCE receives dividends and can in turn declare dividends to its shareholders, it creates shareholder value, which is important for any business, especially because it speaks to the viability of the entity,” said the statement.
IDCE also benefited from being a shareholder in several financially viable entities through corporate loans and eTuity products, and in the last half of the financial period, we are looking forward to receiving dividends from Simunye Pla]a, Piggs Peak Pla]a, and
SWAPROP. We are making a concerted effort to fund more projects at the grassroots level because that end of the spectrum is occupied by most businesses in the country. As IDCE, we want to assist SMEs to grow to their full potential, be well structured, and be independent of their founders to ensure continuity,” commented Fairlie Mabu]a, IDCE Chief Executive Officer (CEO).
Signatory
IDCE is a signatory to the Small Scale Enterprise Loans Guarantee Scheme (SSELGS), held at the Central %ank of Eswatini, which enables the Development Finance Institutions (DFI) to fund more SMEs and support them to create more jobs. The Central %ank Scheme has enabled IDCE to increase its impact on the SME sector by funding and supporting more businesses, leading to the creation of 8 new jobs in the past six months. The agriculture sector received per cent of funding from IDCE, while the transport and manufacturing sectors received 22 per cent and nine per cent respectively. A great deal of emphasis is placed on agricultural projects, especially sugar cane farming, due to the financial ripple effect such projects have. IDCE has participated in the funding of sugarcane projects since the inception of the .DDP programme through LUSIP I and now LUSIP II. LUSIP II is currently under implementation, and IDCE has planted E million, which is for 28 hectares under irrigation.