Coen Welsh | Nov 14, 2017 | 0
Nictus’ unbundling completed
The geographical unbundling of diversfied group, Nictus, will be finalised this Friday (21 September) with the listing of Nictus Holdings Limited on the main board of the Namibian Stock Exchange (NSX).
With the geographical unbundling, the South African business will retain its primary listing on the Johannesburg Stock Exchange (JSE) and the new independent Namibian business, under the name of Nictus Holdings Limited, will have a primary listing on the NSX.
Commenting on the unbundling, chairman of Nictus Holdings Limited, Hannes Retief said: “We have concluded that it is preferable for the Namibian and South African operations to be separately listed on the respective stock exchanges of the countries in which they operate.”
He added that the unbundling and simultaneous listing of Nictus Namibia on the NSX will enhance the strategic flexibility of the Namibian operations and South African operations and will enable the two separately listed entities to embark on their own strategy to grow within their respective commercial and regulatory environments.
Nictus has been listed on the Johannesburg Stock Exchange (JSE) and as a secondary listing on the Namibian Stock Exchange (NSX) since 1992. Following the unbundling, Nictus (SA) will retain its secondary listing on the NSX.”
According to Retief, the Nictus board believes the unbundling will further enhance Nictus shareholder value by giving Nictus shareholders improved exposure to the intrinsic value of the two separately listed entities.
Nictus Namibia is the holding company of a group of companies, which retail automobiles, furniture and provides financial and insurance services in Namibia. Since 1945, Nictus Namibia has evolved to become a household name in the furniture business in the country. Nictus Namibia, under the name of Auas Motors, also operates the General Motors South Africa (GMSA) dealership. The financial services division of the Nictus Namibia Group is run through Corporate Guarantee, which brings a unique approach to short term insurance through the alternative risk transfer model.