Mineworkers sell shares worth N$3,9 million

The Mineworkers Union of Namibia (MUN) has sold 655 937 shares worth N$3,9 million.

The transaction was done through its recently launched Just Transition Investments (JTT) Namibia company.

The investment company transitioned from the Mineworkers of Namibia Trust to the Just Transition Trust.

JTT is contracted with Transfer Secretaries, a subsidiary of the Namibian Stock Exchange as an agent to maintain the register of shareholders.

They completed the transaction under the theme ‘Creating a Vehicle for Generational Wealth’.

The transaction will benefit members and former members of MUN, including their dependants.

JTT wants to have at least 4 500 owners and the shares will be sold gradually with the aim of selling shares every month for the next ten months.

The shares were sold at N$6,05 per share to over 1 800 people through a deal sponsored by Stratus Fund Managers.

At a press conference on Tuesday, the company said the deal marks the issuance of share certificates to 522 members and former members of the MUN, including dependants.

JTT holds 100% in Namitvest Investment Holdings, which in turn holds 25% of the entire issued share capital of Namibia Mineworkers Investments Holding (Nammic), a company valued at over N$700 million.

Nammic chairman Joshua Kaitungwa says the transformation from Just Transition Trust to Just Transition Investments signifies the evolution and readiness to make a lasting impact on Namibia’s investment landscape.

Namitvest principal officer Jason Kasuto says collaborations and partnerships are key to the work they have done thus far.

He says collaboration with Nammic has been a cornerstone of their success.

“Together, we have worked diligently to create value and opportunities for the Namibian people. Nammic Holdings, valued at over N$700 million, is a reflection of the strength and potential of our partnership,” Kasuto said when introducing the new entity.

At the same platform, JTT honoured its 522 shareholders, recognising their commitment to building a brighter financial future for themselves and their families.

Among the recipients was Ester Mutota, who shared her excitement of being part of this journey.

“Most months, I do not have much left. As I get older, I really start to wonder what I can do to get more money. But getting more money is almost impossible, because I am confined to the mine’s location,” Mutota said.

“I heard about this new product by Namitvest that allows a person to become an investor.

Even myself, I can be an investor. In fact, as of today, I am an investor.

This share certificate means that I can look forward to the future where I can continue to provide for my family. I think MUN and Namitvest did a great job,” she said.