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Empowerment bill sees Trustco shares suffer

An optimistic Trustco Group Chief Executive Officer Quinton van Rooyen took to social media to air his concerns after Trustco shareholders collectively lost approximately N$325 million in wealth, hot on the heels of the proposed Namibia Equitable Economic Empowerment bill, subject to be passed soon.
Taking to Facebook, van Rooyen said, “Yesterday, Trustco Group was inundated by foreign shareholders’ concerns after a N$325 million decline in shareholder wealth in one day, due to the media reports on the NEEEF debate. The biggest losers were shareholder-employees of Trustco.”While the proposed bill sent his shareholders wealth tumbling, he was optimistic the government would deal well with the current conundrum. “Namibia has been blessed with a responsible and responsive government, that has done its best for its citizens since Independence. Namibia has thus far been a beacon of hope and light and the solid foundation of growth for a region struggling with an economic downturn.”Added van Rooyen, “every complicated challenge in the past have been successfully navigated by our government. I therefore remain confident that it will continue to do so on the issue of the NEEEF. An open and responsible debate around NEEEF, like we’ve had on so many issues before, is superior to an emotional outcry centring around perceptions and rumours.”
The proposed bill is expected to become law by March 2017. That’s according to Law and Reform Development Commission chairlady Yvonne Dauseb. She made the remark last week when she spoke to the Economist. The commission is also currently hosting workshops across the country, as it seeks to gain input from stakeholders in all fourteen regions.“This is a very important law reform process. We consult the public and we take their views seriously. We have received mixed reactions from the public but it’s a necessary law if we have to change to a business environment where the majority of our people form part of ownership, control and management and continued human resources development.” said Dausab.

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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.