Namibia Mineworkers Investments Holding Company (NAMMIC Holdings) has raised over N$3.9 million through the issuance of 655,937 Just Transition Investments Namibia Limited shares at N$6.05 per share.
The deal, sponsored by Stratus Fund Managers, marks the issuance of share certificates to 522 members and former members of the Mine Workers Union of Namibia, including their dependents.
This is facilitated through Just Transition Investments (JTT) Namibia Limited, which was officially launched as a public company and contracted with Transfer Secretaries (Pty) Ltd, a subsidiary of the Namibian Stock Exchange as an agent to maintain the register of shareholders.
JTT holds 100% in NAMITVEST Investment Holdings (Proprietary) Limited, which in turn holds 25% of the entire issued share capital of NAMMIC Holdings, a company valued at over N$700 million.
The Principal Officer of NAMITVEST, Jason Kasuto, said the Company is targeting a minimum of 4,500 shareholders, with monthly issuance of approximately 250 to 500 share certificates over the next 10 months.
“By 30 August 2024, we aim to have further expanded our shareholder base, reinforcing our mission to provide a pathway to long-term prosperity and economic stability for our subscribers and future generations,” said Kasuto.
To date over 1,830 subscriptions have been received through this new vehicle as a total number of 10 million shares are available to the defined Beneficiaries of JTT.
“46% of these shares have already been subscribed for with members busy paying for them, we made it easy as some have a 12-month debit order arrangement and thus over 50% is remaining for uptake,” he said.
Kasuto noted that characteristic of the JTT’s mission is the empowerment of the MUN members and former members and their dependents through financial literacy, loyalty rewards and investment opportunities.
“By offering members the chance to become shareholders, JTT aims to provide a pathway to long-term prosperity and economic stability for future generations,” he said.
NAMMIC Chief Executive Officer Joshua Kaitungwa JTT said aims to create generational wealth for the members and former members of the Mineworkers Union of Namibia and their dependents.
“This initiative is not just about financial growth but about empowering our members with the knowledge, resources, and opportunities to build a brighter and more secure future for themselves and their families,” he said.
Meanwhile, the initiative has various packages for various beneficiaries such as one for vulnerable income earners under a certain threshold who would need to show proof of income and receive over 1,000 shares.
