Bidvest Namibia was listed on the Namibian Stock Exchange (NSX) today (Monday, October 26), the largest listing in recent years with 50,7 million shares offered at an initial price of 720 cents a share.
The listing raised N$313,6 million and ensures wider Namibian participation in the company’s ownership-base while creating stakes for empowerment partners, including community groups, pensioners and war veterans through the Ovanhu consortium and the Bidvest Namibia Investment Trust, workers via Labour Investment Holdings, women through Women’s Action for Development and local entrepreneurs.
Bidvest Namibia is the largest diversified commercial services and fishing business on the NSX and one of Namibia’s largest employers with a staff complement of 2,000.
The national significance of the event will be underlined this evening at a gala listings dinner in Windhoek to be addressed by President Hifikepunye Pohamba and attended by leading figures from politics and business. Among VIP guests will by Brian Joffe, chief executive of Bidvest, the internationally represented diversified services Group and the South Africa-based parent company of Bidvest Namibia.
The listing of Bidvest Namibia is seen as a means of unlocking infinite possibilities as the destiny of the business is being placed in the hands of local managers and owners at a time when the company and country are positioned for strong growth.
Cash raised by the listing and existing cash reserves will provide Bidvest Namibia with an estimated N$400 million for direct investment in Namibia.
“Today is no ordinary day,” comments Bidvest Namibia chief executive officer Sebby Kankondi. “This is an extraordinary event that makes extraordinary business growth possible while contributing to the economic wellbeing of Namibia and its people.
“The listing is a powerful demonstration of the confidence we have in the future of our company and the country of Namibia. Local businesses and teams – incentivised and energised as never before – are eager to chart a new future. We see infinite possibilities and we’ll be going all out to realise them.”
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.