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NAMIT sells shareholding to MUN members

Home National NAMIT sells shareholding to MUN members
NAMIT sells shareholding to MUN members

Staff Reporter

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.” 

-mndjavera@nepc.com.na