The Frans Indongo Group has acquired a stake in Bachmus Oil and Fuel Supplies, increasing Namibian ownership in the company.
The equity acquisition by the Frans Indongo Group gives Bachmus Oil and Fuel Supplies, which recently signed a long-term retail trademark licensing agreement with Chevron Brands International LLC (Chevron), a subsidiary of Chevron Corporation, to launch Caltex fuel retail outlets in Namibia, a majority local ownership.
Moov Fuel, the South African-based shareholder in Bachmus, welcomed the development.
“We are delighted to see Bachmus transition to majority Namibian ownership. This collaboration reflects a shared vision for growth and local empowerment, and we remain committed to supporting Bachmus in achieving its goals,” Fabian Magerman, Group CEO of Moov Fuel, said.
Corne Schalkwyk, a Namibian shareholder in Bachmus Oil and Fuel Supplies, expressed his enthusiasm for the strengthening of the local partnership in the business.
“Achieving majority Namibian ownership is a significant milestone for Bachmus and our nation. This collaboration with the Frans Indongo Group and Moov Fuel reflects our shared commitment to harnessing Namibia’s energy potential for the benefit of our people,” he said.
Jeremy George, Group CEO of the Frans Indongo Group, highlighted the strategic importance of the investment.
“This partnership signifies our dedication to ensuring that Namibians take a leading role in shaping the future of our country’s economy. Together with Corne Schalkwyk and Moov Fuel, we will build on Bachmus’s strong foundation to create a resilient and impactful enterprise that benefits all stakeholders,” he said.
The Frans Indongo Group is Namibia’s leading previously disadvantaged investment company, with a diversified portfolio spanning the automotive, logistics, manufacturing, distribution, hospitality, retail, property, and energy sectors.
