International financial and risk services group Alexander Forbes on Wednesday announced the expansion of its black economic empowerment (BEE) footprint to Namibia through the sale of 30% of its Namibian business to a newly formed empowerment company, headed by Namibian BEE Consortium Cherish Investments.
The transaction is valued at N$25,5-million (R25,5-million) of which N$5-million will be settled in cash and the balance of N$20,5-million will be vendor financed by Alexander Forbes.
This deal follows shortly after the successful implementation of the BEE partnership in South Africa between Alexander Forbes and a BEE consortium headed by Cyril Ramaphosa’s company Millennium Consolidated Investments.
Prominent Namibian businessman Sidney Martin and renowned athlete Frank Fredericks of Cherish Investments will head up the new empowerment company, Alexander Forbes Namibia Empowerment Holdings.
Following the deal, Cherish Investments will own an effective 25% of Alexander Forbes Namibia. As in South Africa, there will be broad-based participation in the transaction through the Alexander Forbes Namibia Development Trust which will have a 5% shareholding. – I-Net Bridge