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New housing development poised to change the face of Windhoek’s residential landscape – Phase 1 valued at N$4.3 billion

New housing development poised to change the face of Windhoek’s residential landscape – Phase 1 valued at N$4.3 billion

The Vice President, HE Dr. Nangolo Mbumba this week officiated at the Ongos Valley project groundbreaking ceremony in the presence of various stakeholders involved in the housing and land delivery market.

Ongos Valley is an exciting new housing development poised to change the face of Windhoek’s residential landscape, according to a statement.

Located only a few kilometres from the CBD, Ongos Valley will become a self-sustaining residential and commercial centre for civil servants and young professionals.

Phase 1 of Ongos Valley will introduce over 4500 housing units and supporting infrastructure at a value of N$4.3 billion, the statement said, as it further highlighted that the project is a first of its kind, and expects to create over 10,000 employment opportunities over 10 years for skilled, semi-skilled and unskilled youth, a major boost for the local economy.

Ongos Valley aims to satisfy the ever-growing and much publicized need for affordable housing and this will be achieved using efficient methods and processes as well as smart design solutions and planning expertise by some of Namibia’s leading construction professionals, the statement added.

Nedbank Namibia’s Managing Director, Lionel Matthews, expressed his appreciation to the Ongos Valley Development team for their belief in the bank’s ability to be lead arranger for the project’s financing.

The Development Bank of Namibia’s Managing Director, Martin Inkumbi was also in attendance representing the primary financier for bulk infrastructure.

Ongos Valley is spearheaded by Fullbright Investments, a local infrastructure development firm that has successfully completed a number of low cost housing developments across the country.

With expertise in construction project costing and management, and with the experience gained by working with government and statutory authorities places them in a unique position to deliver value for future homeowners in Ongos Valley, the statement added.


Caption: The Vice President, HE Dr. Nangolo Mbumba and the invited guests who included Hon. Laura Macleod-Katjirua, Governor: Khomas Region, His Worship, the Mayor of Windhoek, Cclr Muezee Kazapua, Deputy Minister of Finance, Hon. Natanguee Ithete and Deputy Minister of Public Enterprises, Hon. Veiko Nekundi.


 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

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.