Our Story
This is embodied in our mission statement: To become a globally sought after, ethical wealth creation vehicle for the Basotho nation, which embraces innovation, accountability & due prudence in all its dealings. We forecast that the market capitalization shall grow from the existing M1.2 billion to M5 billion by 2026.
In the late 1990s, the Government of Lesotho embarked on a Privatisation Programme that saw the state selling off its stakes in various companies. The government’s 12 percent stake (with an option to buy further 8%) in Vodacom Lesotho was one of the assets on offer. At the time Vodacom Lesotho was a small mobile network operator with approximately 19 000 subscribers. The offer led to a moment of inspired thinking by a few dozen Basotho who dared to dream big and toiled over the years to make that dream a reality. The commitment resulted in a journey of overcoming seemingly insurmountable challenges, discipline, delayed gratification and playing by the book.
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Through solicitation and lobbying, Sekhametsi grew to 200 individuals and 6 investment clubs. Sekhametsi made a formal purchase offer to the government’s Privatisation Unit, and was selected as the preferred bidder; and so Sekhametsi gained its first stake in Telecoms giant Vodacom. 20 years on, the consortium expanded its investment portfolio and boasts interests in property, financial services, and textile manufacturing. Sekhametsi is the largest locally owned company in Lesotho and achieved the M1Billion valuation mark in 2020.
Historical Anecdotes
- Sekhametsi was founded in 1999
- It began with 30 members
- The first investment was a 12% stake in Vodacom Lesotho
- Sekhametsi has 500 shareholders to date
- SMIC shares were valued at M34 when we began
- Shareholder base is comprised of farmers, informal traders, pensioners, corporate managers, students, religious organisations, investment clubs, burial societies, women and youth groups.
- The first Chairman of the Sekhametsi Board was Matjato Moteane.
- There have been 6 Sekhametsi boards to date with elections occurring every 3 years.
The Sekhametsi of the future
The year 2021 marks two decades of investment success, delivering value to shareholders, empowering vulnerable communities and contributing to the economic development of Lesotho for SMIC. This milestone is an opportunity to reset and refocus to make the next leap. SMIC has evolved and is restructuring, streamlining operations, realigning business practices in order to reposition for opportunity capitalization and resilience.
Service, dedication, transparency and a willingness to win
The Board
Leboela Lebete
Matjato Moteane
Palo Kotelo
Relebohile Sefako
Lebohang Khomari
Limpho Maema
Lerotholi Seeiso
Lintle Thamae
Naledi Maphathe
Governance
Sekhametsi Investment Consortium is regulated and accountable to the Central Bank of Lesotho and its shareholders. Sekhametsi is committed to good corporate governance & ethical leadership.
It is governed by a Board of Directors who are elected by members every 3 years. The Board exercises stewardship and sets the ethical tone through upholding the urgency theory principle in all forms of conduct. The board embrace innovation, accountability and strive for prudence in all of the company’s dealings. The key purpose is to ensure the sustainability of Sekhametsi by collectively directing its affairs, while meeting stakeholders’ appropriate interests.
The board is supported and observed by committees set up to action and initiate activities and imperatives of SMIC. The Audit and Risk Committee which in line with the charter ensures effective operational controls and integrity of the financial statements. The Investment and Strategy committee seeks, receives, vets and assesses potential startups and companies for investment consideration and eligibility to be included in the Sekhametsi Investment Portfolio. The Directors’ Affairs Committee ensures remuneration policy is upheld, succession planning of the board and evaluation of board performance.
Financials
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