Stimulus Investments Limited director Josephat Mwatotele has resigned from the company’s board after serving for almost 11 years, marking the latest change to the leadership of the NSX-listed investment company.
The company announced that Mwatotele stepped down as a non-executive director with effect from 12 June 2026 after reaching the maximum allowable term under Stimulus’ director appointment and succession policy.
“Mr Mwatotele has served as a director of the Company since September 2015 and, having served the maximum allowable term, is retiring in accordance with the Company’s director appointment and succession policy,” Stimulus said in a notice to shareholders.
His departure comes amid a broader refresh of the company’s board.
In May, Stimulus appointed legal practitioner Namene Shejavali as an independent non-executive director, while former board chairperson Peter Koep resigned after serving as both chairperson and director.
Independent non-executive director Chuka Okafor subsequently assumed the role of board chairperson with effect from 1 June 2026.
The latest board changes come as Stimulus continues to reshape parts of its investment portfolio and pursue growth opportunities.
In May, the company announced the sale of its 50% stake in Khomas Solar Saver to fellow shareholder Sedgeley Solar Management for N$155.7 million following approval from the Namibian Competition Commission. The transaction is expected to become effective in June 2026.
For the financial year ended 28 February 2026, Stimulus reported profit after tax of N$22.7 million, while net asset value attributable to each preference share increased to N$176.24 from N$165.31 a year earlier.
The company said its portfolio companies delivered satisfactory growth during the year, helping lift assets under management by 9%.
Stimulus holds investments in several Namibian businesses, including Cymot Group, Neo Paints Group, Plastic Packaging Group, Polyoak Namibia, Walvisbay Stevedoring, Khomas Solar Saver and Desert Trade Investments.
The company said it remains focused on creating value through its portfolio of unlisted investments while evaluating future opportunities and potential portfolio exits where commercially justified.
Stimulus Investments Limited (SIL) is a private equity investment company established in 2004 to make private equity investments in the Namibian market. The company is licensed by the Namibia Financial Institutions Supervisory Authority (NAMFISA) and invests in a diversified portfolio of unlisted businesses across multiple sectors.
