Home Business Local company to raise M8, 7 Million for projects

Local company to raise M8, 7 Million for projects

by Lesotho Times

Moroke Sekoboto

MULTI dimensional company, Phallo Cooperation, seeks to be Lesotho’s leading economic driver by developing several projects that will offer the youth investment and job opportunities.

The company, which was established last, hopes to achieve this by raising M8.7 million by July next year.

This was revealed this week by Phallo Cooperation director, Sebabatso Makoanyane, during the company’s official launch at Victoria Hotel.

Mr Makoanyane said that the company was moving from being privately owned to a public entity.

Mr Makoanyane, who was dressed in a casual manner in his Fabiani collar shirt, jacket, jeans and sneakers, told guests about the company’s vision.

“We are here today because we have a full interest to become a public company and our lawyers are currently busy preparing for that.

“We seek to generate and distribute wealth within the country to increase employment rates and standard of living. This will be achieved through various projects using Lesotho’s own resources,” he said.

The company seeks to raise M6,7 Million between now and July 203 through liquidation of its assets, which include 38 residential sites in Berea and another 35 in the Polihali area, Mokhotlong. Investors could purchase the site to build chalets.

Mr Makoanyane said a further M2 Million would be raised through the company’s non-executive directors who will each invest M100 000.

The company would use the M8,7 Million capital to fund several projects

“With this capital, we will build the Polihali amusement park in Mokhotlong.

“We will also purchase a farm in Free State, South Africa, where we intend to produce Bonsmara beef. This is estimated to cost M4,2 million.”

Mr Makoanyane said they have already acquired a cannabis production licence and currently in negotiations with prospective landowners to set up a M30 Million project.

They also intend to establish a M16 Million fish farm to produce trout.

“We intend to become the economic stimulus geared towards curbing unemployment and drive projects incubated by the youth,” he said.

The event was scheduled to commence at 2pm but at the time there only a few patrons who had already arrived.

The launch kicked off after 4pm on Sunday with the SABC 2’s veteran actor, Gabriel Temudzani, who plays Chief Azwindini in the popular Muvhango soapie, welcoming guests.

He brought charisma and charm to the stage, cracking a few jokes that kept the crowd entertained. He was joined as the master of ceremonies by Lesotho’s very own socialite, Lisebo Mothepu.

You may also like

Leave a Comment