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Private sector is the only interest group that can restore growth to the economy

Private sector is the only interest group that can restore growth to the economy

“A recessionary environment, a reputation tarnished by corruption scandals, and unreasonable competition from foreign companies in Namibia, have a direct impact on doing business and the economic well-being of the local companies,” said Team Namibia’s Account Director, Bärbel Kirchner in her opening address for 2020.

“Team Namibia is here to fight for Namibian business. We need to ensure that our local businesses have better prospects. We need to have favourable conditions for all our businesses in all sectors of the economy. We need an environment that is conducive to attract investment, whether this is creating a very clear policy environment or preventing corruption,” she added.

“As indeed the current environment affects all businesses in Namibia, we want as many businesses as possible to join Team Namibia and be part of creating economic prosperity for our nation.

It is now up to Namibians to act quickly to restore the economy to a path of sustainable growth otherwise all the other noble goals of poverty eradication and prosperity for all will evaporate into thin air.

On behalf of Team Namibia, she said they are calling for deliberate and explicit regulation that protects Namibian businesses from unfair competition, in every sector of the economy.

“Despite recognising the increasing political desire to liberalise markets in line with aspirations of regional, continental and global economic integration, Team Namibia is of the opinion that liberalising Namibia’s economy at the cost of local businesses, does not free Namibian business, instead it confines the Namibian economy for other nations to keep.”

On the damage caused by corruption, she said “current developments in the fishing sector are of huge detriment to the local industry. The Fishrot Scandal and the allocation of right holders and quotas to businesses without adequate infrastructure is unlikely to be encouraging to local businesses that have invested hugely in this sector.’

“Team Namibia, an organisation financed by private sector membership fees, is calling on all businesses to join the organisation. This will not only ensure more resources to secure market access more effectively for businesses by creating the much-needed awareness, but it will also increase the impact of Team Namibia’s advocacy efforts to secure a better regulatory environment for Namibian businesses.”


 

About The Author

Mandisa Rasmeni

Mandisa Rasmeni has worked as reporter at the Economist for the past five years, first on the entertainment beat but now focussing more on community, social and health reporting. She is a born writer and is working on her degree in Journalism at the Namibia University of Science and Technology (NUST). She believes education is the greatest equalizer. She is the epitome of perseverance, having started as the newspaper's receptionist in 2013.

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.