Victoria, 2 February 2023 – The Eastern and Southern African Trade and Development Bank (“TDB”) hereby discloses that it has, through an off-market transaction, purchased the following number of shares in Cable and Wireless (Seychelles) Limited (“CWS”), a leading telecommunications service provider in the Republic of Seychelles, from its parent company, SWC Limited (“SWC”).
Transaction date: 22/12/2022
Class of securities: Ordinary Shares
Aggregate number of securities: 174,458 Ordinary Shares (the “Subject Shares”)
Shareholding in CWS: circa 2.9%
Nature of transaction: Off-market purchase of CWS Ordinary Shares
Prior to the above transaction, 6,000,000 CWS Ordinary Shares were successfully listed on the MERJ Exchange Seychelles on the 26th of September 2022, 2% of which were offered for sale to the public.
Following the off-market transaction between TDB and SWC, TDB’s Subject Shares on MERJ Exchange Seychelles translate to circa 2.9% of the aggregate number of CWS Listed Ordinary Shares.
The acquisition of the Subject Shares does not grant TDB a controlling interest in CWS.
TDB will hold its Subject Shares under its equity investment portfolio administered by TDB Asset Management. As an equity investor in CWS, TDB intends to hold the Subject Shares over a medium to long-term period post listing, with the flexibility to sell following any applicable lock-in period. Accordingly, TDB will manage its investment in the Subject Shares in line with a pre-determined investment strategy that takes into account, among other factors, mitigation of potential downside risk, capturing of potential upside value, and the general re-balancing of TDB’s investment portfolio.
TDB accepts responsibility for the information contained in this announcement and, to the best of its knowledge, such information is true, and this announcement does not omit anything likely to affect the importance of the information included in this announcement.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a regional development finance institution, with investment grade ratings and assets of USD 8bn. TDB serves 23 member states in its region, with the mandate to finance and foster trade, regional economic integration and sustainable development, through trade finance, project and infrastructure finance and asset management.
TDB is part of TDB Group, which also comprises the Trade and Development Fund (TDF), Eastern and Southern African Trade Advisers Limited (ESATAL), TDB Captive Insurance (TCI), and the TDB Academy.
Anne-Marie Iskandar, Senior Communications Officer
Corporate Affairs and Investor Relations, TDB