Standard Bank Namibia clinches US$60 million deal with Debmarine Namibia
‘Mafuta’in Oshiwambo means seas,oceans or great seas. The vessel which is already in service in Namibian waters was acquired from De Beers Consolidated Mines South Africa and will be utilised for marine diamond production.
According to Standard Bank Namibia’s Chief Executive Mpumzi Pupuma the transaction is one of the largest corporate transactions concluded in Namibia and further underscores Standard Bank Namibia’s support to one of the core economic sectors namely mining.
Debmarine Namibia is known as one of the leading diamond mining companies in the world, specializing in marine diamond production. Diamond production is a significant contributor to the country’s Gross Domestic Product and is currently the largest earner of foreign earnings for Namibia.
“The extension of the US$60 million facility is important for the sustainable provision of revenue for the country”, says Pupuma, adding that 50% of Debmarine Namibia is owned by the Government of Namibia,which means 50% of all declared profits go straight to the wealth creation of Namibia.
He adds details of the Corporate and Investment Banking client approach saying: “Every transaction is unique and Standard Bank Namibia will always first focus and understand the needs of our clients,their strategy and goals and then structure a holistic solution. Standard Bank Namibia used this approach when we structured the Debmarine Namibia transaction and again it proved to be the endearing approach.”
The transaction between Standard Bank Namibia and Debmarine Namibia was concluded in November 2012. Debmarine Namibia is one of Standard Bank Namibia’s top Corporate and Investment Banking clients.