Bidvest Namibia is delighted to announce that it has acquired the family-run and well known vehicle dealership, Novel Motor Company. Novel Motor Company is the main representative of Ford and Mazda and the sole representative of Jaguar, Land Rover and Volvo in Namibia. It boasts with dealerships in Windhoek and Walvis Bay and employs some 200 people. Novel Motors offers the sales of new and pre-owned vehicles, financing and insurance products, parts and accessories and after-sales services.
The company started in 1986 when Carlos Raposo bought a Ford franchise and named it Novel Ford. Since then the company grew and added other vehicle franchises such as Mazda (late 90s), Landrover and Volvo (beginning 2000). With more vehicle brands in its stable the company’s name changed to Novel Motor Company. The company has been operating from the same address for the past 29 years!
According to Bidvest Namibia CEO, Sebby Kankondi, the acquisition of Novel Motor Company, to the tune of N$231,8 million, “brings a new dimension to the Bidvest Namibia portfolio. The established and trusted brand of Novel will further strengthening the group’s revenue stream while diversifying Bidvest Namibia’s commercial and industrial product lines. This acquisition is a continuation of Bidvest Namibia’s objective to broaden its business base and will strengthen the commercial portfolio,” he said.
According to an analyst of Simonis Storm Securities, Purvance Heuer, this acquisition is a step towards gradually lowering Bidvest Namibia’s exposure to the fishing industry. Heuer believes the purchase will improve the diversity of Bidvest’s revenue streams and increase growth potential for the future. However, “we expect this acquisition to have a minimal impact on the bottom line. There are too many uncertainties that remain regarding the fishing quotas,” said Heuer.
Shareholders of Bidvest Namibia are referred to the circular to Bidvest Namibia Shareholders containing details of a conditional take-over by the Bidvest Group to Bidvest Namibia Shareholders, to acquire all remaining Bidvest shares not owned by the Bidvest Group by way of a take-over scheme (‘offer’). Subsequent to the acceptance of the Delisting Resolution by the requisite majority, the offer has been declared unconditional by the Bidvest Group and has become effective, irrevocable an open for acceptance during the Acceptance Period.
Further to the cautionary announcement released on the Stock Exchange News Service (“NENS”) of the Namibian Stock Exchange (“NSX”) on 12 December 2018, the subsequent renewal of the Cautionary Announcement released on NENS on 23 January 2019 and 1 March 2019 and the announcements released on NENS on 11 April 2019 and 25 April 2019. Shareholders are hereby advised that the requisite majority of Bidvest Namibia shareholders eligible to vote, have approved the delisting. In terms of this passed resolution, the listing of all the Bidvest Namibia Shares of
Bidvest Namibia on the Main Board of the NSX be suspended and terminated with effect from 11 June 2019 or at such times and such dates as will be approved in accordance with the Bank of Namibia and by the NSX
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 25 April 2019 relating to the circular to shareholders, supplementary information relating to the sum of the parts valuation, culminating in the fair and reasonable valuation range of N$8.95 to N$9.45 as per the E&Y Fair and Reasonable opinion included in the circular, is available on the this website.
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 12 December 2018, the subsequent renewal of the Cautionary Announcement released on NENS on 23 January 2019 and 1 March 2019 and the announcement released on NENS on 11 April 2019. A combined circular has been issued today by Bidvest Namibia Limited and the Bidvest Group to a conditional Take-over offer in terms of sections 320 – 327 of the Companies Act….