GIPF still keen on acquiring MTC shares….. As First Lady denies MTC stake claims

30 November 2018
The Government Institutions Pension Fund (GIPF) is still waiting for the Namibia Post and Telecommunications Holdings (NPTH) to pronounce itself on how it intends to sale shares in MTC before making a move, CEO, David Nuyoma,
told the Windhoek Observer recently.
“Nothing has moved, we are waiting to see how the proposed listing will evolve,” Nuyoma said.
He said buying a stake in MTC was dependent on several factors including a good board and management.
“The company must also have good value, and like all our investments, we will do a due diligence.”
NPTH Acting Chief Executive Officer and Company Secretary,  Kristofine Itembu, told the Windhoek Observer that the plans to list MTC was still being discussed at Cabinet level.
This comes as reports circulated last week, suggesting that First Lady, Monica Geingos, and her close friend, Ally Angula, had obtained funding from GIPF to buy a stake in MTC.

Geingos, however, denied interest in acquiring shares in the mobile carrier through GIPF funding.
“I have no knowledge of, nor interest, in MTC shares,” she told the Windhoek Observer.
“It is thus patently untrue that I am part of any joint venture which seeks to purchase MTC shares. This is absurd and confirmation that this query is based on false information. I am not in any joint venture or GIPF funding application.”
The first lady is a shareholder in Stimulus Investments Limited, a private equity investment company, which focuses on acquiring interests in established, high cash yielding businesses in Namibia, as well as targeting other private equity opportunities in promising businesses with potential to deliver high returns.
GIPF’s last major investment was in March last year when it acquired a 25 percent stake in Capricorn Investment Group Limited, the mother company of Bank Windhoek, for N$2 billion.
Early this month, Nuyoma said in an interview that the fund was still interested in buying shares in MTC, the biggest mobile carrier in Namibia and widely seen as an attractive investment proposition.
“We remain interested in investing in MTC. We are excited about it up to now. Once they get their house in order, we will look at it.”

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The Windhoek Observer is an English-language weekly newspaper, published in Namibia by Paragon Investment Holding. It is the country's oldest and largest circulating weekly.

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