The Mineworkers Union of Namibia (MUN) last week launched NAMITVest Investment Holdings, which aims to create a buffer to mitigate the impact of job losses due to any unforeseen economic shocks experienced in the mining sector.
According to NAMITVest’s Jason Kasuto, the launch is an extensive broad based empowerment initiative that aims to build the investment portfolio of members, and build generational wealth for both members and their dependents.
In July 1997, the MUN established a commercial arm, known as the Namibia Mineworkers Investment Holding Company (NAM-MIC), which since its establishment has grown its net asset value to N$500 million, with interests in key sectors such as mining, financial services including banking, transport and logistics, health, and tourism.
The aim of MUN has been to ensure that the beneficiaries, consisting of its members, ex-members and their dependents, are uplifted through the activities of the commercial arm.
“Having prudently grown the NAM-MIC portfolio to a level of significance, the MUN Trust, being the 100% shareholder of NAM-MIC, will now dilute 25% of its shareholding in NAM-MIC, valued at N$103 million to a targeted database of 37 000 members, ex-members and their dependents through a special purpose vehicle called NAMITVest. These beneficiaries will have an opportunity to subscribe for units at a 50% discount rate,” explained Kasuto.
At the same occasion, deputy mines minister Kornelia Shilunga said she was thrilled to hear that among NAMITVest’s targeted sectors for investment is green industries that have a positive impact on climate change.
She further urged NAMITVest to look into investing in renewable energies such as solar wind.
“NAMITVest has established a loyalty and rewards program that will bring onboard various service providers such as retailers across Namibia, where members will be able to receive discounts on their purchases, therefore creating a direct benefit for members today in a manner that will uplift their daily lives,” explained Shilunga.
The deputy minister also encouraged NAMITVest to invest in data management, as this will determine the company’s ability to efficiently and effectively reach its members.