Ovanhu Investments is the flagship Broad-based black economic (B-BEE) company, which owns 13% of the issued share capital in Bidvest Namibia Limited. Ovanhu Investments includes Womens Action for Development (WAD), Labour Investment holdings (LIH), Bidvest Namibia Community Trust and other leading entrepreneurs.
Ovanhu is about people. It’s not just about the bottom line. It’s about belief in entrepreneurship and the independence of the human spirit. Ovanhu reflects hope, celebration, and a sense of achievement. Most importantly, Ovanhu acknowledges the spirit of ownership which is a prerequisite for individuals looking to cultivate a sense of belonging and develop the confidence and self-reliance necessary for independent action on their own initiatives.
Pension and Provident funds own a further 22% of the shareholding, whereas the 13% of the shares are held by the broader public.
Bidvest Namibia is committed to BEE, which it regards as a regional, national and business imperative.
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.
Bidvest Namibia hereby announces the unwinding of the Ovanhu and Endeni empowerment shareholding structures. Agreements were reached between Bidvest Group Limited (“Bidvest Group”), the majority shareholder in Bidvest Namibia, and the shareholders of Ovanhu and Endeni. In terms of these agreements Bidvest Group will acquire the entire share capital and all claims in Ovanhu and Endeni. Read the full details in the attached PDF.