The Mineworkers Union of Namibia through its commercial arm, the Namibia Miners Investment Trust (NAMIT) is selling 25% of NAMIT’s shares in the Namibia Mineworkers Investment Holding Company (NAM-MIC) as part of an empowerment initiative.
The 25% stake of NAM-MIC will be held on behalf of the members, ex-members and their dependents through NAMITVEST Investment Holdings, which is owned by the members through a trust called the Just Transition Trust (JTT).
President of MUN, Mayemelo Kalumbu said only members, ex-members and dependants of MUN qualify for this public offer. The offer was launched this week in the capital with a total units valued at N$103 million.
Kalumbu emphasised NAMITVEST’s objectives are to grow the investment made by members and to provide direct benefits to members through a loyalty and rewards programme.
A minimum purchase of 200 units is being sold at a 50% discount of N$1 031 compared to the actual market value of over N$2 000.
“An independent valuation of NAM-MIC Holdings was undertaken and the minimum units to be purchased being 200 units have a market value of N$2 062 and can be purchased by qualifying members at N$1 031.
“Members will then have the opportunity to trade their units amongst each other and sell these at their market value,” Kalumbu explained.
He added another important factor is that 10% of the units will be allocated to vulnerable members and former members.
“Vulnerable members are defined as those earning below N$1 300, these members will have to apply and will receive 100% donation, meaning they will not pay a single cent upfront but will share in the growth of the NAMITVEST portfolio.”