Plastic Packaging eyes growth in Angola
Namibia’s only manufacturer of plastic bags and sheeting, Plastic Packaging is seeking growth in Angola. This was revealed this week at a Stimulus presentation when Stimulus Financial Director Buks Gous gave a financial overview of Namibia’s first private equity fund.
Stimulus currently holds 42.58% in Plastic Packaging, which is in the final stages of setting up a manufacturing facility in Angola.
Namibia Media Holdings in which Stimulus holds a 50% stake showed strong growth in newspapers but the introduction of a printing press owned by the Free Press of Namibia is expected to impact on profitability, said executive director Rein van Veen.
Stimulus’ activities were also bolstered by the good performance shown by Nashua Namibia which derived stable earnings due to annuity income on its rental agreements. Said first lady Monica Geingos on new investments, “We could potentially take N$300 million but we can’t take up more cash.”
Elsewhere in the stable, the 25% owned Cymot Group showed continued growth in the retail market of various specialised goods, continued growth prospects in the Angolan market with further planned expansion into Lobito and Luanda, explained van Veen.
As at 4 June 2015, Stimulus’ investments in unlisted equity and subsidiaries totalled N$343 million. Stimulus’ total underlying net asset value was N$290 million while total underlying property equated to N$153 million. For the financial year under review, Stimulus managed to generate N$22 million in revenue, while investable funds came to N$140 million, with another offer from a pension fund to invest N$300 million. Dividends from private equity investments totalled N$11.6 million, with dividends from money market instruments totalling N$10.8 million.