Business Description

SBC Limited (“SBC” or the “Company”) was incorporated in Swaziland in April 2011 as an investment holding company with the purpose of investing in retail financial services opportunities in the Southern African region. SBC was listed on 10 February 2014 on the SSX at E3.92 per share.

SBC owns a 94.5% stake in Select Limited (“Select”), a company that offers microfinance products and services mainly to civil servants in Swaziland under the ‘Select’ and ‘SMS’ brands. Select offers retail financial services to the none- or under-banked market in Swaziland, focusing on providing unsecured credit to employed individuals who are unable to access finance through traditional banking channels. Its client base is weighted towards civil servants, which is the largest employee base in Swaziland and is typically resilient to economic cycles. Select currently operates through five branches throughout Swaziland.

In line with its strategy of expanding regionally, in February 2014 SBC’s board made the decision to acquire Lesana Lesotho Limited (“Lesana”), a newly established micro finance company in Lesotho.

Investment Themes

Value Creation

Through regular shareholders’ meetings, the Manager interacts with senior executives of SBC management and the board. Engagement with the board focuses on understanding growth opportunities and exploring further funding opportunities.