Nam-mic Financial Services Holdings (NFSH) has bought a 10 percent stake in Gondwana Holdings Ltd for an undisclosed amount, the companies recently announced.
The capital invested flows directly into the expansion of the tourism group and will be used for developments like The Desert Grace, which will open on 1 November 2018 and the new lodge in the King Nehale Conservancy with construction commencing within the next few months.
“We passionately believe tourism can change the future of our beautiful country, but for that to happen, the benefits must be shared inclusively, from shareholder level to the communities where we operate,” said Gondwana’s Managing Director, Gys Joubert, during the signing of the subscription agreement.
The deal was made possible by the Gondwana group’s transformation to a holding company in November 2017.
Upon completion of the restructuring process, the Gondwana group issued shares to all of its 800 employees as a generous once-off gesture, thanking staff for laying a solid foundation for the company to grow into one of the largest hospitality groups in the country.
Nam-mic Financial Services is Gondwana’s first strategic partner outside the financial sector.
“We are joining Gondwana with the best of intentions,” said Walter Don, the NFSH Chief Executive Officer.
“We want to get involved and add value to Gondwana. We are glad that we found a partner in the tourism sector who is a cultural fit and shares the same values.”
Nam-mic is a truly broad-based black economic empowerment company with all its shares owned by National Union of Namibian Workers affiliated unions.
Other strategic partners are Capricorn Investment Holdings, Santam Namibia and Sanlam Namibia Holdings.
Since its establishment in 2001, NFSH has successfully evolved into a socio-economic powerhouse beyond its 93,000-strong membership base.