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Geingob brags in Doha

“While the world has experienced unprecedented economic growth and wealth creation until the onset of the recent and still ongoing global economic crisis, disparities between nations and in nations have continued to rise at the same time, posing a threat to sustained economic growth.” These were the remarks of Dr. Hage Geingob at the third UNCTAD Biennial Investment Forum this week.
Geingob criticised the Washington consensus saying that one of its fallacies was that of the invisible man who implies that the market knows how to allocate resources with minimal state intervention required.
“We now know that this is not the case. In fact, even strong supporters of the Washington based consensus cum ‘liaises faire’ approach have changed their minds, and during the midst of the crisis, governments in all parts of the world in particular in the West turned to Keynesian stimulus support measures,” said Geingob.
He bragged about the Namibian “eclectic and pragmatic approach” towards economic development by focusing on basic pertinent issues. He said that one of the reasons domestic and foreign businesses operate in Namibia is because of its peaceful state. “Without peace and security, sustainable development is just not possible.”
Geingob said that Namibia scores consistently high on institutional indicators available measures such as the World Economic Competitiveness Forum, Heritage Foundation, the Mo-Ibrahim Index, Transparency International and others, stating the media as one of those institutions, which operates freely with no interference.
Education is one of the steps to inclusivity in Namibia, it receives about 25% of the national budget each year. “We deliberately invested heavily in education and the social upliftment of our people,” said Geingob.
Acknowledging the huge disparities, Geingob said “focusing on basics and foundation issues are necessary but not always sufficient conditions for inclusive and sustained growth.”
It is for this reason that government adopted an affirmative action and employment equity legislation, which encourages employers to address legacies of the past in their employment practices.
He also touched on the principles put in place to guide economic development, which are stated in the long-term Vision 2030, as well as the small and medium size enterprises, which serve as important vehicles for inclusive growth and job creation.

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.