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.
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….