Government Institutions Pension Fund (GIPF) has received all regulatory approvals to acquire a 25 percent interest in Capricorn Investment Group Limited.
GIPF, the largest institutional investor in Namibia, acquired a 15,5 percent interest in Capricorn Group from Capricorn Investment Holdings Limited (CIH) and a further 9,5 percent shareholding from Namibia Strategic Investments (Pty) Limited, at a total consideration in excess of N$2 billion. As a result of the transaction, CIH’s shareholding in Capricorn Group has now decreased from 56 percent to 40,5 percent, while GIPF’s stake in Capricorn Group now stands at 26 percent, making the Fund the group’s second largest shareholder.
The Capricorn Group said in a statement that GIPF has already shown its commitment to fulfil the role of shareholder of reference by offering an immediate long-term senior debt funding of N$1,3 billion to the group as part of the transaction. Capricorn further said that on-boarding GIPF as a substantial shareholder would reduce both the capital risk and liquidity risk of the group.