Staff Reporter
Windhoek-The board of directors of Stimulus Investments Limited have announced that they have approved to pay out N$25,8 million as interim dividend payment to all preference share shareholders. The dividend payout follows the disposal of its shares in Joe’s Beerhouse Properties.
Stimulus acquired majority shareholding in Joe’s Beerhouse in March 2007 and subsequently sold the operations in June 2012, while retaining the property. The new owners of the business continued trading as Joe’s Beerhouse, while renting the property from Stimulus.
“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,” said Josephat Mwatotele, Stimulus director, adding that Stimulus exceeded its returns expectation over the investment-holding period.
“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.