09 Jul 2023

Selebi Phikwe Multipurpose Cooperative Society has partnered with four other cooperatives in the SPEDU region to help expand their investment growth. 

The other four cooperatives: Selebi Phikwe Town Council Saccos, Mokobi-Sefhophe, Bobonong and Molalatau Multipurpose Cooperatives have formed a company called Mabogodika Meepong Investments. 

The chairperson of Selebi Phikwe Multipurpose Cooperative, Mr Peter Sekgwama explained during a meeting with stakeholders in Selebi Phikwe recently that their company was in talks with Botswana Building Society (BBS) to purchase the P30m BBS building in Selebi Phikwe at a negotiated price of P27 million. 

Mr Sekgwama said each of the four cooperatives would have equal shares and two representatives from each of the cooperatives. 

“Securing this building would help us have returns for investment because the building is situated in a prime area,” he said. 

Formed in 1972, the Selebi Phikwe Multipurpose Cooperative has 3 970 members and only 921 members who reside in the SPEDU region are active. 

Mr Sekgwama further explained that the cooperative tried to reach out to the 3 049 non-active members to update their shares, but to date the members had not responded. 

He added that in the past years, the cooperative experienced challenges that posed a serious threat to its profitability and sustainability, resulting in the closure of its retail shop. 

The cooperative, he said, then transformed to venture into property development within Selebi Phikwe by leasing some of its properties to the retail market. In addition, he said, Selebi Phikwe cooperative society had expressed interest in developing Makhubu Club. 

He said since the society was part of Selebi Phikwe community, it should participate in the growth and development of the town, adding that the situation regarding the recreational and sports facilities in the town was worrisome. 

For his part, the mayor of Selebi Phikwe, Mr Lucas Modimana advised the society to also look into value chain development and employment creation, adding that leasing property alone would not generate much employment. 

He advised them to do away with boards and form companies with managers to run them. 

He said the role of the board was only limited to providing strategic direction, hence there was no need for the board to meet frequently, adding that some cooperative societies collapsed because of the boards. 

Kgosi Molosiwa Molosiwa of Kagiso ward also commended the cooperative societies for their efforts in developing the community of Selebi Phikwe. 

He also urged them to diversify their business portfolio by taking advantage of business projects undertaken in the SPEDU region, such as the citrus project and the three dams in the area. 

The LEA branch manager, Mr Eric Otukile urged the cooperatives to take advantage of the availability of LEA, SPEDU, CEDA and others in town to help them diversify their investment. ends