BY GCWALISILE MHLABANE
MBABANE – The local capital market reached a significant turning point on January 16, 2026, as stakeholders gathered at the Ingcamu Building to witness the Eswatini Stock Exchange (ESE) welcome its 10th listed entity.
The ringing of the bell marked the official arrival of AGSPAC onto the board, a move that those present described as proof of the growing maturity of the country’s financial sector.
Providing more detail on the new entry, AGSPAC Director Paul Friedlander explained that the company is a Special Purpose Acquisition Company (SPAC). He described the entity as a “cash shell” that currently has no operating assets but is backed by capital and a board with deep expertise. “Our plan is to acquire high-quality assets that fit AGSPAC’s investment profile—broadly, opportunities within the agricultural sector,” Friedlander revealed, adding that the firm will be opportunistic and relies on deep experience in the sector.
With this listing, AGSPAC joins an elite group of Eswatini’s corporate giants already on the board, including:
- Nedbank Eswatini Limited
- Royal Eswatini Sugar Corporation (RES)
- First National Bank (FNB) Eswatini
- Swazi Empowerment Limited (SEL)
- SBC Limited
- Greystone Partners Limited
- Swaziland Property Investments Limited (SWAPROP)
- Inala Capital Limited
- Nkonyeni Pre-cast Limited (NPC)
The Minister of Finance, Neal Rijkenberg, who officiated the event, commended the milestone as a sign of a robust and growing economy. “It gives me a great pleasure to join you today for the bell-ringing ceremony marking the listing of AGSPAC on the Eswatini Stock Exchange,” the Minister told the gathered guests. He noted that this occasion not only celebrates a successful transaction, but it is also a “clear signal of confidence of Eswatini’s economic future and the growth maturity of our capital markets.”
The Minister further challenged the private sector to take the lead in economic development, stating that the government’s doors are wide open to fix any frustrations. “You need to drive; if you don’t drive, we’re just going to stop right here,” he warned. He emphasized that a well-functioning capital market is a strategic economic necessity that supports employment creation and long-term fiscal sustainability. He specifically commended the firm for staying local, stating, “I’d like to commend AGSPAC for choosing to list on our domestic exchange. Your decision demonstrates belief in the potential of our markets.”
Speaking during the ceremony, ESE Chief Executive Officer Simanga Mdluli was clear that the exchange is ready for a new era of growth. He told the gathered crowd of regulators and business leaders that the “Eswatini capital market is open for business,” noting that reaching the 10th company milestone is a testament to the exchange’s commitment to providing a transparent platform for wealth creation. Mdluli thanked the company for the confidence placed in the market, saying the decision sends a powerful signal that the bourse is “capable of supporting diverse investment products.”
The ceremony was attended by various market participants and regulators, with many noting the high public interest in the transaction. Mdluli acknowledged the collective effort of the professional teams, auditors, and legal advisors who worked to bring the transaction to the market. With AGSPAC now on the board as the 10th member, the exchange is expected to see improved liquidity and offer Emaswati fresh avenues for investment, strengthening the virtuous cycle of market growth.
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