Namibia is not only an important market in its own right, it is becoming a strategic platform for regional growth.
The added attractions of the Namibia market were pointed out today (Friday, Oct 23) by Bidvest Namibia, the diversified commercial services and fishing company that plans to list on the Namibian Stock Exchange on Monday, October 26.
Bidvest Namibia is offering 50,7 million shares to Namibian investors, a placement that is expected to realise N$313 million. The listing comes after a year of strong growth by Bidvest Namibia and amid expectations that its operational companies are well placed for continued expansion.
“Growth has been driven by positives within Namibia itself, supported by the prospect of higher demand from a neighbouring country such as Angola,” says Sebby Kankondi, chief executive officer of Bidvest Namibia.
“Within our Bid Commercial division, companies such as Waltons have achieved strong local growth and benefited from a wider Namibian footprint, with store openings in Oshikango, Rosh Pinah, Oshakati and Tsumeb. At the same time, Waltons has also developed a strong customer-base for its stationery range in Angola and Zambia.
“Local growth complemented by cross-border sales can help you entrench important gains.”
Local success plus Angola ‘add-ons’ is also characteristic of Bidvest Namibia companies such as Kolok (the specialist supplier of computer consumables) and Globe Electrical (distributor of electrical equipment and cabling).
Within Namibia, the commercial businesses within Bidvest Namibia enjoyed unprecedented revenue growth in the 2009 financial year that ended on June 30. Operations benefited from Government spending on infrastructure and other projects, supplies to the mining industry and the growing potential of the tourism industry.
Kankondi added: “Some diamond mines may have closed last year, but new uranium mines are in development and in the long term the Namibian resource sector is well positioned.
“Tourism growth holds lots of positive spin-off for many of our companies. We have seen the development of fly-in shopping tourism from Angola as a result of the rapid growth of a new middle class to our north.
“Developments such as this confirm our strategic assessment – Namibia holds significant potential and our listing will leave us perfectly positioned to derive maximum advantage.”
Companies within the Bid Commercial division include: Waltons, the high-profile retail and commercial stationery business, Voltex, trading as Globe Electrical, the electrical equipment wholesaler, CN Business Furniture, leading manufacturer and retailer of office furniture and shop fittings, and Kolok, one of Namibia’s best known suppliers of computer consumables and computer hardware.
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.