Related Articles
Top Stories
Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Johannesburg - The public offer of shares in Bidvest Namibia opened on Thursday, ahead of the company's listing on the Namibian Stock Exchange (NSX) at the end of October.
"We don't know how many people have applied but I had a lot of calls this morning," said Brian van Rensburg from Investment House Namibia in Windhoek.
Bidvest Namibia is the holding company of the Namibian assets of JSE-listed diversified heavyweight Bidvest. Once the subsidiary goes public, Bidvest will reduce its holding from 89% to 52%.
"Our commitment to Namibia is as strong as ever. However, we are reducing our equity stake to allow for increased local participation in the ownership structure," said Bidvest CEO Brian Joffe.
Joffe added that the listing will give Bidvest Namibia an opportunity to beef up its empowerment credentials.
The offer involves a total of almost 50 million ordinary shares at a price of 720 Namibian cents per share. The company is hoping to raise N$358.5m (R358.5m) in the public offer. The NSX presently has 30 listings and a market capitalisation of N$877bn.
Bidvest Namibia will use the money raised from the listing to explore acquisition opportunities in the region.
The company is made up of two divisions: Bidvest Fisheries (Bidfish) and Bidvest Commercial (Bidcom).
Bidfish deals with the fishing and supplying of mackerel to countries in West Africa and the Southern African Development Community (SADC) region. The business unit also makes canned fish products, fish meal and oysters.
Bidcom houses a freight management business, Budget Rent-A-Car Namibia, Rennies Travel (Namibia) and various other travel-related services. The division also encompasses Bidvest's various food and industrial services in the area.
- Fin24.com