Archive for June, 2010

High turnout for our second AGM

36 of Swazi Indigenous Products’ 44 Member Groups were represented at the Company’s second Annual General Meeting in Mpaka on Thursday.

Representatives of the rural women’s Member Groups, which collectively own the Company, heard Chairperson Julie Nixon welcome them with news of 70% sales growth this year for their Swazi Secrets brand, most of it coming from export markets.

In presenting the Annual Report and audited financial statement, Executive Director, John Pearce outlined that while 2009 had been a tough year financially due to global recession, it had also been a year of great development for Swazi Secrets. In answer to questions from representatives about the nature of their shareholding, Mr Pearce explained that the 44 groups each held an equal share of the Company and its assets, on which they would receive dividends when SIP became independently profitable. He also highlighted that at E29 per Kg, the rates paid to SIP members for marula kernels are the highest in Africa.

Philile Masuku of the new group, Lihlahlandlela in Mpolonjeni was presented with the group’s share certificate by the Chairperson during the meeting.

Futhi Mdluli, Solomon Gamedze, Lindiwe Mavuso and Nonhlanhla Dlamini were all re-elected to the Board of Directors, while Khumbuzile Tsabedze was also elected to fill a one year vacancy.


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