MUN creates vehicle for generational wealth 

MUN creates vehicle for generational wealth 

Mineworkers face numerous health and safety risks in their challenging work environments – not to mention that the risk of accidents is heightened by a need for constant vigilance in a setting where equipment and hazardous materials are prevalent.

Many mineworkers are also employed far from their homes, which makes the lucrative profession even more difficult.  However, after retirement, many mineworkers are left to rely solely on their pensions.  The Mineworkers Union of Namibia (MUN) yesterday noted this state of affairs will be something of the past, as the union aims to provide direct and indirect benefits to its members, as well as former members and their dependents.

Just Transition Investment (JTT) Namibia Limited, a pioneering investment company, was officially launched as a public company yesterday. 

The launch means something for the workers in the mining space as well as those who utilise MUN services. 

On 30 May 2024, the JTT company transitioned from being formerly known as the Mineworkers of Namibia Just Transition Trust.

JTT holds 100% in NAMITVEST Investment Holdings Limited, which, in turn, holds 25% of the entire issued share capital of Namibia Mineworkers Investments Holding Company Limited (Nammic Holdings), a company currently valued at over N$700 million.

Notably, 655 937 JTT shares changed hands at a price of N$6.05 per share through a deal sponsored by Stratus Fund Managers, worth over N$3.9 million. 

The deal marks the issuance of share certificates to 522 members and former members of MUN, including their dependents. 

A total number of 10 million shares are available to the defined beneficiaries of JTT. 

The company is targeting a minimum of 4 500 shareholders, with monthly issuance of approximately 250 to 500 share certificates over the next ten months. 

The next issuance is planned for 30 August 2024. 

To date, over 1 830 subscriptions have been received, and JTT looks forward to this new vehicle increasing its shareholders.

At yesterday’s event, MUN acting president Mberiuana Mathew said they are building something remarkable, namely a vehicle for creating generational wealth to empower members and their families for years to come. 

“The real work starts now as we strive to ensure that every member of our union can benefit from the opportunities that JTT offers,” he said. 

At the event, Nammic CEO Joshua Kaitungwa said the initiative is not just about financial growth but also about empowering members with the knowledge, resources and opportunities to build a brighter and more secure future for themselves and their families.

“The transformation from Just Transition Trust to JTT signifies our evolution and readiness to make a lasting impact on Namibia’s investment landscape,” he remarked. 

The principal officer of NAMITVEST is Jason Kasuto.

Beneficiaries

Among yesterday’s recipients of shareholder certificates was Lydia Ndume, who said the life of a miner is not an easy one. 

“Most of my income goes to cover daily expenses, and I’m left with nothing. As I grow older, I start wondering what I can do to get more money, but it is impossible because I’m confined to the mining site,” she said.

She noted that when she heard about this new product of becoming an investor, she grabbed the opportunity, and further encouraged fellow miners to think about the future. 

Another beneficiary, Silas Naholo, could not contain his excitement. 

“I am excited. When I heard about this product, I was sceptical at first. A poor miner, I thought, how I could buy shares. As a mineworker, I am happy today I got my shares. The investment will help us in improving our lives, and empowering the future. I used my own money to buy shares,” he said. 

Jacob Nghifindaka, founding CEO of Nammic, is also a fully subscribed and paid-up MUN member.

“There is a glass ceiling that has long prevented miners to access financial services. But today, I want to remind all of us that miners cannot only be known as lenders. As of today, they will also be investors. As the years goes on, and this investment starts to mature, we will start to feel its impact. With those passing years, miners will access more knowledge about investment and the stock exchange,” he remarked. -mndjavera@nepc.com.na

Caption: Wealth creation… Namibian mineworkers have been given an opportunity to uplift their living standards by investing in the stock market.  

Photo: Namibian Uranium Association

MUN creates vehicle for generational wealth 

Maihapa Ndjavera

Mine workers face numerous health and safety risks in their challenging work environments – not to mention that the risk of accidents is heightened by a need for constant vigilance in a setting where equipment and hazardous materials are prevalent.

Many mineworkers are also employed far from their homes, which makes the lucrative profession even more difficult. 

However, after retirement, many mineworkers are left to rely solely on their pensions. 

The Mine Workers of Namibia (MUN) yesterday noted this state of affairs will be something of the past, as the union aims to provide direct and indirect benefits to its members as well as former members and their dependents.

Just Transition Investment (JTT) Namibia Limited, a pioneering investment company, was officially launched as a public company yesterday. 

The launch means something for the workers in the mining space as well as those who utilise MUN services. 

On 30 May 2024, the JTT company transitioned from being formerly known as the Mineworkers of Namibia Just Transition Trust.

JTT holds 100% in NAMITVEST Investment Holdings Limited, which, in turn, holds 25% of the entire issued share capital of Namibia Mineworkers Investments Holding Company Limited (Nammic Holdings), a company currently valued at over N$700 million.

Notably, 655 937 JTT shares changed hands for N$6.05 per share through a deal sponsored by Stratus Fund Managers, worth over N$3.9 million. 

The deal marks the issuance of share certificates to 522 members and former members of MUN, including their dependents. 

A total number of 10 million shares are available to the defined beneficiaries of JTT. 

The company is targeting a minimum of 4 500 shareholders, with monthly issuance of approximately 250 to 500 share certificates over the next ten months. 

The next issuance is planned for 30 August 2024. 

To date, over 1 830 subscriptions have been received, and JTT looks forward to this new vehicle increasing its shareholders.

At yesterday’s event, MUN acting president Mberiuana Mathew said they are building something remarkable, namely a vehicle for creating generational wealth to empower members and their families for years to come. 

“The real work starts now as we strive to ensure that every member of our union can benefit from the opportunities that JTT offers,” he said. 

At the event, Nammic CEO Joshua Kaitungwa said the initiative is not just about financial growth but also about empowering members with the knowledge, resources and opportunities to build a brighter and more secure future for themselves and their families.

“The transformation from Just Transition Trust to JTT signifies our evolution and readiness to make a lasting impact on Namibia’s investment landscape,” he remarked. 

The principal officer of NAMITVEST is Jason Kasuto.

Beneficiaries

Among yesterday’s recipients of shareholder certificates was Lydia Ndume, who said the life of a miner is not an easy one. 

“Most of my income goes to cover daily expenses, and I’m left with nothing. As I grow older, I start wondering what I can do to get more money, but it is impossible because I’m confined to the mining site,” she said.

She noted that when she heard about this new product of becoming an investor, she grabbed the opportunity, and further encouraged fellow miners to think about the future. 

Another beneficiary, Silas Naholo, could not contain his excitement. 

“I am excited. When I heard about this product, I was sceptical at first. A poor miner, I thought, how I could buy shares. As a mineworker, I am happy today I got my shares. The investment will help us in improving our lives, and empowering the future. I used my own money to buy shares,” he said. 

Jacob Nghifindaka, founding CEO of Nammic, is also a fully subscribed and paid-up MUN member.

“There is a glass ceiling that has long prevented miners from accessing financial services. But today, I want to remind all of us that miners cannot only be known as lenders. As of today, they will also be investors. As the years go on, and this investment starts to mature, we will start to feel its impact. With those passing years, miners will access more knowledge about investment and the stock exchange,” he remarked. -mndjavera@nepc.com.na