The SSX Committee met on the 22nd February 2007 and passed an application from Newera Partners Limited to list a E200 million Medium Term Notes Programme. Newera is an investment company that already has its equity listed on the Swaziland Stock Exchange. The company intends using the proceeds to strategically position the business for the future.
The company is planning on introducing new product offerings by an expanded sales and marketing team. This will encompass assisting its customers in moving from debt to a financial saving lifestyle .Newera partners was incorporated in Swaziland as a public company on 2 March 1999 with principal object of carrying on business as an investment holding company.
Recent developments in the company were the 100% take over of Mawana and Select Management Services (SMS). Newera actively operates in the development finance sector through Mawana and SMS. Mawana finances advances of loans to Swazi employees in the Kingdom through an agency agreement with SMS. Mawana supplies the finance and management expertise and SMS provides the client contact.
The business has a significant loan book, linked products and other retail financial products. Through its subsidiary company Mawana. Newera, has targeted a market comprising employees earning between E1000 and E5000 per month. The loans are only extended to permanent employees whose employers are willing to facilitate repayments by way of deductions from salaries, or for loans up to 12 months to approved customers of the Swaziland Building Society ("SBS") who allow a direct deduction from SBS accounts. The maximum loans extended to employees are E30, 000 and the maximum repayment term is 36 months. African Alliance Limited is the manger of Newera's Investment portfolio, among Newera's holdings is a (10,81%) stake in Swaziland Empowerment Limited
Gordon Bennett is a Training Officer at the Swaziland Stock Exchange and also writes Swazi related articles for Infoshoswaziland.com
© 2007 all rights reserved. This article may be republished online as is. Get more interesting Swazi articles from infoshopswaziland.comFor print publication, please contact info@knotell.co.sz info@knotell.co.sz
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