BY SIBUSISO MNGADI | CHIEF EDITOR
MBABANE – The Eswatini Stock Exchange (ESE) marked a historic milestone on 16 January 2026 with the listing of AGSPAC Limited, becoming the exchange’s 10th listed entity. The company’s official debut was celebrated with a traditional bell-ringing ceremony at the Ingcamu Building, signalling a new chapter of growth and ambition for Eswatini’s capital markets.
A Strategic Focus on Agriculture
AGSPAC is a Special Purpose Acquisition Company (SPAC)—often described as a “cash shell” backed by capital and an experienced board—created with a clear mandate: to acquire quality assets in the agricultural sector, with a strong focus on the agricultural inputs value chain.
Key target areas include:
- Crop-protection chemicals
- Crop-growth stimulants and fertilisers
- Animal feeds and related products
The company positions itself as a capital-raising vehicle aimed at pursuing transactions that may be too large for individual investors, yet sometimes below the radar of major multinational corporations. This structure is expected to open doors for a wide range of investors—from private individuals to institutional fund managers—seeking long-term capital growth and consistent dividends.
Boosting the Backbone of the Economy
The listing is being widely welcomed as a potential boost for Eswatini’s agricultural economy. ESE Board Chairman Melvin Nkomo described agriculture as the “backbone of Eswatini’s economy,” noting that directing investment into the sector supports food security, innovation, and job creation.
Minister of Finance Neal Rijkenberg, who officiated at the event, said a well-functioning capital market is not optional but a strategic necessity for long-term fiscal sustainability. He commended AGSPAC’s decision to list locally, calling it a clear vote of confidence in Eswatini’s economic future.
Joining Industry Giants
By joining the exchange, AGSPAC enters a select group of companies listed on the ESE—including agricultural heavyweight Royal Eswatini Sugar Corporation (RES). Other listed peers include Nedbank Eswatini, FNB Eswatini, and Greystone Partners.
Trading under the ticker symbol AGS, the company listed with an issued share capital of 11 million shares, priced at E1.00 each. While it is currently the smallest market-capitalised company on the exchange, its entry has increased total ESE market capitalisation by 0.16%, bringing it to E6.9 billion.
A New Avenue for Investors
ESE Chief Executive Officer Simanga Mdluli said the exchange is “open for business” and ready to support diverse investment products. The listing of AGSPAC is expected to improve market activity, strengthen liquidity, and offer Emaswati new pathways to wealth creation through a transparent, regulated platform.
Looking ahead, AGSPAC says it intends to conclude its first acquisition within the timelines prescribed by exchange rules, focusing on businesses that demonstrate resilience, scalability, and long-term value for Eswatini’s agricultural landscape.
