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Overcoming oppression in the finance sector

Overcoming oppression in the finance sector

Chairperson of Nam-mic Financial Services Holdings, Mr John Shaetonhodi said the organisation strives towards overcoming oppression of previously disadvantaged people within the financial sector.
Nam-mic, which is a black economic empowerment company, has two-thirds of its shares owned by the trade unions affiliated to the National Union of Namibian workers and was established to exploit the potential residing in the financial services sector of the economy, Shaetonhodi said at the launch of their social investment fund.
“Ultimately the aim was to neutralize the financial exclusion deliberately being perpetrated in this sector and deal directly with the discriminatory practices which are prevalent in this area of our economy. We succeeded in penetrating the sector so much that we now own a significant stake in this sector worth more than N$1 billion. This is a great achievement as it was achieved within a period of 15 years,” he added.
The corporate social investment programme is driven by the Nam-mic Financial Social Investment Fund and supported by the Board of directors of the company as well as the wider labour movement represented in the Nam-mic group of companies.
“As we are ultimately driven by a great vision of empowering the end-beneficiaries; union members, our contribution needs not only be felt within the targeted beneficiaries but also the wider society. We believe that by doing this, we would remove the vestiges of economic sabotage being perpetrated by the vestiges of apartheid,” Shaetonhodi said.
The chief executive officer of the financial institution, Mr Walter Don said the social investment programme will set its focus on four pillars namely, training of union workers, education, sustainable employment of union workers and health amongst union workers.
Don said the sustainable employment will be created amongst union members who were retrenched at their workplaces by advancing their skills level in order for them to be deployed in different job markets.
During the launch two beneficiaries signed a memorandum of understanding; ‘Women at Work’ and the Labour Resource and Research Institute. The organisation, Women at Work will provide training to domestic workers, with the goal being to train at least 50 women by the end of this year. The labour research institute will be responsible to train union leadership, shop stewards and providing training opportunities to workers who loose their jobs.
Nam-mic will make bursaries available to children of members of the affiliated unions of national Namibian workers union. Students studying Accounting and Information technology at NUST and Unam can apply for such a bursary.
“Looking after the workers of Namibia and their dependants is no easy task, and I hope that with the establishment of this fund we addressed most of the social issues influencing the lives of the loyal members and dependants of affiliated unions of the NUWN and other community beneficiaries,” chairperson of Nam-mic social investment fund, Ms Connie Pandeni said.

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


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.