SWAPROP director’s E4m distribution
MBABANE – The Swaziland Property Investment Limited (SWAPROP) directors have proposed to distribute E4 004 000 in the current period under review.
This was mentioned by SWAPROP in their reviewed interim results for the six-month period ending December 31, 2021.
The interim distribution to the unit holders of the company linked units for the half year was E6 006 000.
SWAPROP’s audited profit for the period under review stood at E19 246 000 while their financial position was at E199 470 000.
“During the six months period SWAPROP’s operations were satisfactory despite the difficult trading conditions as a result of the COVID-19 pandemic,” said the company in a statement.
Ruling
They also mentioned that the ruling market price for the company shares was E7.90 per share which led to the market capitalisation to stand at E183.7 million.
The revenue also increased by 27.1 per cent and SWAPROP said this was due to increases in expenses caused by inflation, unrest, parking equipment, repairs and the timing of certain expenses in the period under review.
“The interim financial information has been drawn up under the same reporting framework as the most recent financial statement,” mentions SWAPROP in the statement.
SWAPROP said the interim financial information for the period has been reviewed but not audited by SNG Grant Thornton Chartered Accountants (Eswatini), whose report is available for inspection at the registered office of the company.
They added that the directors continue their commitment to the principles of openness, integrity and accountability as advocated by the principles of Corporate Governance contained in the reports.
The company further made a cautionary announcement to shareholders and debenture holders.
Intends
SWAPROP intends to be involved in the purchase of a multitenanted shopping centre within the Kingdom of Eswatini.
They are also planning to make a second transaction which involves the potential sale of one of the warehouses owned by the one of the company’s subsidiaries.
“In compliance with the Eswatini Stock Exchange (ESE) listings requirements, shareholders are advised that the directors of the company are in the process of considering tow potential transactions, which if successfully concluded may have a material effect on the price of the company’s linked units,” mentions SWAPROP in the statement.
They also added that shareholders and debenture holders are advised to exercise caution and, if necessary consult with their financial advisors when dealing in their linked units until a further announcement is made.