NICTUS Holdings Limited will list on the main board of the Namibian Stock Exchange (NSX) on Friday.
Since 1992, Nictus Limited has had a primary listing on the Johannesburg Stock Exchange (JSE) and has a secondary listing on the Namibian Stock Exchange (NSX).
Following the geographical unbundling of the Nictus Group, the South African business will remain listed on the JSE and the new independent Namibian business, under the name of Nictus Holdings Limited, will have a primary listing on the NSX.
The newly elected chairman of Nictus Holdings Limited, Hannes Retief said that the board had undertaken an extensive strategic review of the company and its current Namibian and South African operations.
“We have concluded that it is preferable for the Namibian and South African operations to be separately listed on the respective stock exchanges of the countries in which they operate.
“In order to achieve this objective, the board has decided to unbundle its Namibian operations and list them separately on the NSX.
“The unbundling and simultaneous listing of Nictus Namibia on the NSX will enhance the strategic flexibility of the Namibian operations and South African operations.
“It will enable the two separately listed entities to embark on their own strategy to grow within their respective commercial and regulatory environments. Nictus will retain its secondary listing on the NSX,” Retief said.
Nictus Holdings Limited will form part of the local index of the NSX and will become a fully fledged player in the Namibian capital market.
“Looking ahead, the board believes that the unbundling will further enhance Nictus shareholder value by giving Nictus shareholders improved exposure to the intrinsic value of the two separately listed entities,” he added.
Nictus will, subject to the conditions precedent to the unbundling, distribute 53,443,500 Nictus Namibia shares to the Nictus shareholders in proportion to such Nictus shareholders shareholding in Nictus.
It will do this without regard to any lien, right of set-off, counterclaim or other analogous rights to which Nictus may be, or may claim to be, entitled against such Nictus shareholders.
Nictus Namibia is the holding company of a group of companies, which retail automobiles, furniture and provides financial and insurance services in Namibia.
Since 1945, Nictus Namibia has developed to become a household name in the furniture business in Namibia.
Nictus Namibia, under the name of Auas Motors, also operates the General Motors South Africa (GMSA) dealership throughout Namibia.
The financial services division of the Nictus Namibia Group is run through Corporate Guarantee, a short term insurance company through the alternative risk transfer model.