On the 5th of December 2023, the First National Bank of Eswatini (a provider of personal, commercial, andcorporate banking services to customers in Eswatini) commenced trading on the Eswatini Stock Exchange. Itis paramount to state that FNBE is listing by way of Introduction and not by common IPO. An introductionis an application for listing of securities already in issue where no marketing arrangements are requiredbecause the securities for which listing is sought are already of such an amount and so widely held that theiradequate marketability when listed can be assumed.



First National Bank of Eswatini (FNBE) was issued with the ISIN code SZE000331064 and ticker symbolFNBE however, in compliance with the Central Bank’s regulation, it shall be trading under the short nameFIRN. On the first day of trading the share price was E14.83, with an issued share capital of 133,000,000shares, this brings the market capitalisation of FNBE to E1,972,390,000 which effectively means FNBE is thelargest market caped company listed on the ESE. The listing saw the ESE market capitalisation increase42.24% to E6,641,797,126 with the All-Share Index remaining at 473.27 (due to an issuance of new securitiesbeing regarded as a corporate action). FNBE’s market capitalisation makes up 29.70% of the ESE’s overallmarket capitalisation.


The first day of trading was symbolized with the ringing of the bell ceremony, which is a globally recognizedevent in the capital markets sphere meant to signify the achievement of an important milestone. Not only isFNBE listing today, but it is important to highlight that FNBE has also been licensed as a custodian bank bythe FSRA. The licensing means that FNBE customers can now easily purchase listed securities via their FNBEbank accounts.


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