Bidvest Namibia launched a new enterprise development fund, aimed at linking the group’s suppliers to SMEs who have tenders to honour. During the official launch Bidvest Namibia CEO, Sebby Kankondi said that the newly established Bidvest Namibia Enterprise Development Fund consists of a N$20 million credit facility offered by the company to SMEs that can prove they have tenders pending from government ministries, SOEs and large private entities.
The fund will function as a short-term facility to be paid back over 60 to 90 days. It is expected that the original N$20 million investment could be turned around up to four times a year (equating up to N$80 million). The only other condition is that the approved loan funds are to be used to purchase supplies needed for the tenders, from participating Bidvest Namibia entities. The include the hygiene service rental company Bidvest Namibia Steiner, office furniture specialists Cecil Nurse Namibia, stationary shop Waltons Namibia and electrical suppliers Voltex Namibia.
“Some will look at this and say, it was nothing. To us in government and for the small and medium enterprises that stand to benefit from this initiative, we say this is a huge contribution to start with,” Deputy Minister of Trade and Industry Tjekero Tweya said in his keynote address. Sharing official figures, Tweya said his ministry in the 2013/14 financial year acquired equipment to the value of around N$37.9 million, under its ‘Equipment Aid Scheme’, to boost formal and informal SMEs operating in the country.
“That money has benefited 572 recipients in all 14 regions of the country. Government has also affected changes to the national public procurement policy, which gives local SMEs preferential allocation of all state tenders up to N$15 million in value. The Bidvest Namibia Enterprise Development Fund, will ensure that these SMEs deliver according to required high standards of excellence and quality in honouring their tenders.”
The fund is to be managed by Business Financial Solutions (BFS), the company that currently manages the Namibia Procurement Fund.
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….