Bidvest Namibia late last week announced its acquisition of the Novel Motor Company.
This comes after a local daily reported in May this year that the NSX listed Bidvest was interested in acquiring Novel.
Sebby Kankondi, Chief Executive Officer of Bidvest Namibia said about the acquisition, “it brings a new dimension to the Bidvest Namibia portfolio. The established and trusted brand of Novel will further strengthen the group’s revenue stream while diversifying Bidvest Namibia’s commercial and industrial product lines. This acquisition is a continuation of Bidvest Namibia’s objective to broaden its business base and will strengthen the commercial portfolio.”
Simonis Storm Securities analyst Purvance Heuer said about Bidvest’s acquisition, “we are of the opinion that this acquisition is a step in the right direction to gradually lower Bidvest’s exposure to the fishing industry. This will improve the diversity of their revenue streams and increase growth potential for the future.”