Prime Minister Nahas Angula and ministerial colleagues were on hand today (Monday, October 26) to ‘ring in’ Bidvest Namibia as a new entrant to the Namibia Stock Exchange (NSX).
The listing raised N$313,6 million as Namibians and Namibian institutions snapped up the 50,7 million shares on offer. The share (BVN) was initially listed at 720 cents.
Prime Minister Angula praised Bidvest for contributing to the economic development of the nation by raising capital for reinvestment in Namibia and the pursuit of local expansion opportunities.
He also saluted the Group for ensuring that black economic empowerment and broad-based Namibian participation in the company’s ownership-base had been built into the listing process.
Bidvest chief executive Brian Joffe thanked the Prime Minister and the ministerial party for their support of the event and added: “At Bidvest, we are proud to give birth to our new ‘baby’, Bidvest Namibia. It’s a healthy infant looking forward to strong growth. Our goal for our offspring is sustained development into one of Namibia’s strongest and most successful companies.”
NSX chairman Primus Hango welcomed Bidvest Namibia to the exchange and noted ‘we’re all Proudly Bidvest now’ – a reference to the unifying slogan of the internationally represented diversified services group.
Mr Hango added that 675 individual investors had taken a stake in the newly listed company, indicating unprecedented interest while ensuring a broad spread of shareholders.
From day one, Bidvest Namibia is the second largest company on the NSX by market capitalisation with the third largest free float of shares (32,4%).
The listing’s national significance was also under the spotlight later in the day at a gala listings dinner in Windhoek addressed by President Hifikepunye Pohamba and attended by prominent political and business figures.
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.