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.”
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….