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.
The shareholders of Bidvest Namibia are informed that on 10 April 2019, Bidvest Namibia received a Binding Conditional Offer (“”Offer”) from Bidvest Group, the majority shareholder of Bidvest Namibia, to acquire all of the shares held by the minority shareholders in Bidvest Namibia (“Bidvest Namibia Shareholders”) at 10.50 per share, which Offer will be subject to inter alia the successful passing of the De-listing Resolution as set out in the conditions, together with the take-over statement and Offer amounts to a takeover scheme.
Shareholders of Bidvest Namibia are informed that Bidvest Namibia has received a intended binding offer from Bidvest Group, the majority shareholder of Bidvest Namibia, in terms of which Bidvest Group intends to make an offer to acquire all of the outstanding ordinary shares in Bidvest Namibia not currently held by Bidvest Group, by way of a take-over scheme. The amount offered in terms of the Intended Conditional Offer is a cash only consideration of N$10.50 per Offer Share, subject to the successful passing of the De-listing Resolution as set out in paragraph 2 below.
Investors are referred to the NENS announcement released on August 31, 2018 relating to the finalization announcement of the sale by Bidvest Namibia of the entire issued capital of Bidvest Fisheries Holdings to Tuncar Fisheries. The results of Bidfish have been presented as discontinued.
Further to the cautionary announcement dated December 12, 2018, shareholders are advised that the Company has entered into discussions, which if successfully concluded, may have a
material effect on the price of the Company´s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in Bidvest Namibia´s securities until a final announcement is made.