Acquisition of South African parent shifts control of Namibian construction filial
Control of NMC Construction, the parent of NMC Construction Namibia, has recently gone over to South African activist investor, Phila Jordan upon acquisition of 51% of the shareholding in the parent. In effect, Jordan now controls the Namibian filial in which the Hangala Group, through its SME contractor’s arm, holds a 30% interest.
Announcing the deal in Johannesburg, the South African company’s Managing Director, Shaun Webber said “In line with the groups commitment to continued transformation we are pleased to announce Mr Phila Jordan as the new Executive Chairman of the NMC Group. Mr Jordan’s 51% stake in NMC takes the total BEE ownership to 63%.”
“Mr Jordan comes with knowledge and experience in both the private and public sectors. His skill set will add a new dimension and energy to the business on all fronts. His support of the fundamental values of the NMC brand of trust, people growth, discipline and pride is encouraging, enabling us to continue to operate as a company that builds people who build relationships” Webber continued.
“The new capital investment and investor heralds a turning point for the business and we look forward to even more exciting developments ahead” he said.
“NMC is now ideally positioned for a broader strategic approach to focus on Public-Private Partnerships, Engineering Procurement and Construction as well as Design and Build. Our immediate focal points are to ensure profitability and liquidity, engagement with both public and private stakeholders and secure orderbook pipeline,” was Jordan’s first comment upon becoming Executive Chairman.
“As a multi-disciplinary construction company, the group has a national footprint with the potential to grow far larger than the existing business. This is due to its reputation, strong delivery brand and its positioning as a true home-grown, people centred South African construction business,” he added.
In light of the developments following the acquisition, the group has taken a strategic decision to relocate the operational head office. The Johannesburg office will serve as the new head office and the Cape Town office as the administrative base for the business, with all South African regional offices as well as the Windhoek office servicing their respective geographic areas.