Foreign shareholding in any radio and TV broadcasting company listed in the stock exchange is limited to 30%.
"Interpretation
2. In these Regulations, unless the context otherwise requires –[...]
"licensed service" means any service provided in terms of an electronic communications network licence, electronic communications service licence, or radio frequency spectrum licence; 
[...]
PART II - LICENCE TYPES [...]
Individual Licence
5. (1) The Commission may issue an individual licence for –(a) electronic communications services, requiring the use of numbering resources; (b) electronic communications networks; (c) use of certain frequency spectrum bands. [...]
(4) The bidding criteria, shall be determined on a case-by-case basis, having due regard to the type of licence to be issued, the development of the market at the time, and the market structure.
(5) Notwithstanding sub-regulation (4) the bidding criteria shall be developed to ensure that only bona fides bidders participate as per section 11(8) of the Act and shall take into account, amongst other things– (a) national universal access and service objectives; (b) local ownership requirements;
[...]
PART V- OWNERSHIP AND CONTROL [...]
Change in Ownership and Control [...]
17. (1) The Licensee shall notify and obtain the prior approval of the Commission in respect of –[...]
(4) The provisions of this section shall not preclude the shares of any licensee from being listed on the Swaziland Stock Market, provided that such listing shall not have the effect of vesting more than thirty percent (30%) of the issued voting share capital of the licence in – (a) any non citizen of the Kingdom of Swaziland; (b) a manufacturer or supplier of equipment; or (c) a company which is either wholly owned by, or the majority of whose shareholders are non Swazi
citizens. [...] (THE ELECTRONIC COMMUNICATIONS (LICENSING) REGULATIONS, 2016)


THE ELECTRONIC COMMUNICATIONS (LICENSING) REGULATIONS, 2016
[<a href="https://www.esccom.org.sz/regulations/The-Electronic-CommunicationsLicencing-Regulations2016.pdf">Reg</a>]