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Stimulus sells Joe’s Beerhouse property, declares dividend for preferentials

Stimulus sells Joe’s Beerhouse property, declares dividend for preferentials

Following a cautionary announcement on 01 November 2017, NSX-listed private equity investment company, Stimulus Investments Ltd announced this week it has disposed of its 88% shareholding in the property on which the famous Joe’s Beerhouse restaurant in Windhoek operates.

Stimulus director, Josephat Mwatotele said in a statement on Thursday, an interim dividend of N$25.8 million has been declared for all shareholders of preferential shares. The dividend was declared after the disposal of SILP’s interest in Joe’s Beerhouse Properties (Pty) Ltd.

As private equity investor, Stimulus Investments Ltd gained control of Joe’s Beerhouse in 2007 but relinquished its position in 2012 selling the concern to the restaurant’s operators, Carol-Jean and Thomas Rechter, and Manfred Enus. Stimulus kept control shareholding of the property though.

Mwatotele said “We retained the property for strategic reasons and we believe that the disposal of the property is perfectly timed to serve the best interests of both parties.”

“The current tenants have retained the unique experience that Joe’s Beerhouse provides. We wish to commend them for solidifying the strong legacy of Joe’s Beerhouse through hard work and focus. Joe’s Beerhouse is a household name in Namibia and far beyond its borders and we are proud to have been associated with this uniquely Namibian brand. We wish them only the best in all their future dealings,” he said.

Stimulus Investments Ltd’s last quoted share price was N$121.25 per share with a market capitalisation of N$564 million. No further announcement was made on the Stock Exchange News Service since the cautionary at the beginning of the month.


 

 

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