FirstRand Bank Holdings has agreed to the proposed acquisition of 5% of its Namibian subsidiary FNB Namibia Holdings, which has a market capitalisation of N$1,3-billion, by a consortium of black Namibian investors and non-executive directors and staff.
The deal will result in Namibian shareholders, with a broad base of beneficiaries, owning approximately 44% of FNB Namibia Holdings, making it one of the most “Namibianised” financial services groups, according to FirstRand.
The black economic empowerment (BEE) consortium consists of two broad-based groupings, Sovereign Capital and Chappa’Ai Investments, black FNB Namibia Holdings staff and non-executive directors serving on the board of FNB Namibia Holdings or its major subsidiaries.
FNB Namibia Holdings and the consortium intend to work closely together in order to broaden access to financial-services products for the population of Namibia and to create value for the shareholders of FNB Namibia Holdings.
“Exciting opportunities will be explored across all financial services, including banking, life assurance, short-term insurance and asset management,” the parties said. — I-Net Bridge