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.
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.