WINDHOEK – Standard Bank Namibia Holdings, a subsidiary of the Standard Bank Group, yesterday commenced with its Namibia Stock Exchange (NSX) listing roadshow with corporate listing breakfast in Windhoek. Through this stock exchange listing, Standard Bank Namibia Holdings aims to raise N$722 million, which will make it the biggest NSX listing ever in terms of value.
The roadshow and information session, which will this week be extended to northern Namibia as well as the coast, comes as Standard Bank Holdings presents its attractive Initial Public Offering at N$8.90 per share for a minimum purchase of 250 share, after which purchase applications can be made for shares in multiples of 100.
Through the stock exchange listing the bank, which is part of the largest banking group in Africa, is availing more than 81 million shares with an expected yield of 6.4 percent in 2020. The Standard Bank Group currently holds 90 percent of Standard Bank Namibia Holdings, with the remaining 10 percent belonging to staff through the Purros Trust, which is an employee investment vehicle through which about N$300 million in shares were sold to bank staff.
After the listing date, which is expected to be November 15, 2019, the Standard Bank Group will be left with 74.9 percent and roughly 15 percent will belong to new shareholders. Share purchase applications are scheduled to close on November 01, 2019. The bank has stated that in the event of an over subscription, preference will be given to ordinary Namibians, including black empowerment status holders, Standard Bank staff and clients and Namibian corporates. Only after these applications have been awarded shares will consideration be given to institutional and foreign investors.
According to Standard Bank Namibia’s Chief Executive Vetumbuavi Mungunda, the listing is “a once in a lifetime opportunity”. Mungunda yesterday called the listing an opportunity for Standard Bank Namibia to deepen its commitment to Namibia and maintained that it is an opportunity to share the group’s future growth prospects with Namibians.
“There will never be an absolute best time to list because there will always be something,” said Mungunda, referring specifically to the current recession that has significantly reduced disposable capital to the majority of Namibians. However, Mungunda remained adamant that the ongoing recession is merely an economic phase from which the country will soon recover. He therefore encouraged every Namibian who is able to buy Standard Bank Namibia shares.
2019-10-15 07:01:44 | 1 months ago