The board is pleased to announce that Mcube has been listed on the Development Capital Board of the Namibian Stock Exchange (NSX) as a Capital Pool Company (CPC) on Friday, 31 July 2020.
“The listing of Mcube may be the catalyst needed to increase the number and diversity of local companies represented on the Namibian Stock Exchange. Mcube is most certainly the smallest NSX listing undertaken to date and represents an efficient mechanism for companies to list on the exchange,” said John Mandy, founder and executive director.
Mcube was formed and incorporated in Namibia on 1 September 2016, by the founder as a non-operating cash entity, which will participate in the growth of the capital market of Namibia as a CPC. The cash-shell nature of CPCs, and the Listing Requirements for CPCs, requires that at the time of listing these companies have no on-going operations. Mcube, which is listed by way of introduction, will not raise any additional capital in conjunction with the listing.
Tiaan Baziun, NSX CEO, commented: “The NSX is glad to see another CPC listing. This product is ever-evolving, and we hope to see more such endeavours to allocate our capital in the local market usefully.”
According to Mcube’s board of directors, the CPC product provides endless possibilities to assist in resuscitating the Namibian Economy by broadening the innovative structuring available through the NSX.
“In the current market circumstances where companies struggle to raise capital, we believe that Mcube and the CPC product provides a versatile mechanism to growing companies with capital needs, giving them access to alternative capital markets to fund their new projects and/or growth,” said Romé Mostert, co-founder of Cirrus Capital, the sponsor of Mcube.
The board will manage Mcube’s business and investment strategies.
According to a statement by Mcube, its board has extensive know-how, knowledge, and experience of the Namibian small and medium enterprise industry, as well as large corporate institutions.
While Mcube is currently considering several acquisitions, no formal or binding agreements have been entered into before the listing.
“The hard work starts now, and Mcube is open for business to assist in determining the optimal capital structure and guide others through the listing process,” read a statement by the company.
Mcube and the CPC product is an alternative vehicle for listing on the NSX and, was designed as a response to the growing need for simpler access to the capital markets in Namibia.
“As an entrepreneur, I have always dreamed of listing a company, and this is now a reality that can be realised for other entrepreneurs,” concluded the chairperson of Mcube, Amos Shiyuka.
Meanwhile, Mcube also confirmed the proposed appointment of Vincia Cloete, an experienced corporate governance and legal consultant, to the board of directors with effect from yesterday.
2020-08-04 12:00:18 | 1 months ago