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FNB declares second special dividend

For the second year in a row, shareholders of FNB Namibia have something to smile about after the country’s biggest commercial bank by assets, announced a special dividend of N$1.80 per share.
In addition to the normal dividend distribution for the year of 82 cents per share, FNB Namibia announced on Thursday that shareholders will get a special dividend of N$1.80 per share after surplus capital was realised following the disposal of the company’s 51% shareholding in Momentum Life Assurance, and its shareholding in Visa.
FNB realised a profit of N$232 million in the sale of Momentum to Metropolitan in a deal worth N$342 million while a profit of N$9 million was made on the sale of the Visa shares.
For the year ended 30 June 2012, profit from continuing operations increased 16% to N$539 million at the back of satisfactory advances growth (13%), a continued reversal of bad debts and solid growth in non-interest revenue (22%).
Non-interest revenue grew to N$740 million while banking fee and commission income grew by 16% to N$630 million. The increase was attributed to growth in accounts and transaction volumes (there was a 73% growth in cellphone banking users) as well as annual price increases.
The group’s total assets increased to N$19.7 billion.
Gross average advances increased 11% year on year to N$13.4 billion with mortgage loans constituting an average 51% of the total loan book.
The year to date ratio for non performing loans to average gross advances decreased from 1.7% last year to 1.2% attributed to the prevailing lower interest rates together with the benefits of a centralised credit collection team and sound lending policy.
Going forward, the group said it was well-positioned to benefit from increased local economic activity in retail and corporate investment banking areas.

About The Author

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.