Africa-Press – Namibia. THE mine workers’ union has lunched the sale of 25% of Nam-mic Holdings to union members, former members and their dependants.
Speaking at the launch yesterday, Mineworkers Union of Namibia (MUN) president Mayemelo Kalumbu said the sale of shares was a fulfilment of the union’s objectives to protect the interests of its members.
The 25% stake will be held on behalf of the members, ex-members and their dependants through Namitvest Investment Holdings (Pty) Ltd, which is owned by the members through Just Transition Trust (JTT).
Namitvest aims to grow the members’ investment, providing them with direct benefits through a loyalty and rewards programme that on-boards retailers and various providers of goods and services.
“The objectives of MUN are to uplift the lives of our members for them to make a meaningful contribution to their communities and Namibia as a whole. As of today (yesterday), members, former members and their dependants can now own a stake in Nam-mic Holdings through the purchase of these units,” Kalumbu said.
According to Kalumbu, the units, which are valued at N$103 million, will be sold to union members at 50% of their real market value. “An independent valuation of Nam-mic Holdings was undertaken and the minimum units a member can purchase were set at 200 units. These have a market value of N$2,062, but qualifying members will purchase them for N$1,031,” he said.
He added that 10% of the units will be allocated to vulnerable and former members. “Vulnerable members are those earning below N$1 300. These members will have to apply and be given 100% donation, meaning they will not pay a single cent but will share in the growth of the Namitvest portfolio,” he said. The unionist added that from today, members can access the application forms to purchase units on the Namitvest website.
“As from 3 November, members can collect application forms from MUN regional offices at Tsumeb, Rosh Pinah, Arandis and in Windhoek. More collection sites will be announced in due course,” Kalumbu said, adding that a sales team will travel from region to region helping members with the application forms.
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