Dundee to give 10 per cent shareholding to disadvantaged Namibians

17 May 2018 18:30pm
WINDHOEK, 17 MAY (NAMPA) – Dundee Precious Metals Tsumeb (DPMT) will give a 10 per cent stake, worth over N.dollars 245 million to benefit previously disadvantaged Namibians through Greyhorse Mining (GHM).
This is amid government’s U-turn to scrap the 25 per cent equity clause from the New Equitable Economic Empowerment Framework (NEEEF).
Eight per cent will benefit 30 identified companies owned by previously disadvantaged Namibians who on average has eight shareholders, while the remaining two per cent will be acquired by an employee trust benefiting its employees.
This was announced by GHM’s President Saul Kahuika during an engagement with President Hage Geingob at State House on Thursday.
He expressed excitement about the new arrangement with DPMT, which seeks to strengthen and address the empowerment initiatives being developed to aid previously disadvantaged Namibians.
He said: “It is because of Namibia’s sound and inviting environment that companies such as DPMT are able to pump in millions of dollars in the country.”
Kahuika commended Dundee for having come forward to contribute to the alleviation of poverty in Namibia in the form of investing in the previously disadvantaged Namibians.
In recent times, Government has been developing the NEEEF framework that seeks to address economic inequalities.
NEEEF focuses on pillars such as ownership, management, control and employment equity, human resources and skills development.
It also focuses on entrepreneurship development and marketing, corporate social responsibility and value addition, technology and innovation.
Government has set aside N.dollars 700 000 for NEEEF’s finalisation during the current financial year.
However, the government has fallen prey to criticism from political parties and commentators alike, who argue that NEEEF has lost its essence in the wake of the removal of the 25 per cent equity clause.
The clause, which caused uncertainty and animosity among investors, would have obliged white-owned businesses to sell a 25 per cent stake of their businesses to previously disadvantaged black Namibians.