Alexander Forbes sells 30% of business to Namibian empowerment company

INTERNATIONAL financial and risk services group Alexander Forbes yesterday announced the expansion of its black economic empowerment (BEE) footprint to Namibia through the sale of 30 per cent of its Namibian business to a newly formed empowerment company, headed by Cherish Investments (Pty) Ltd.

The transaction is valued at N$25,5 million of which N$5 million will be settled in cash and the balance of N$20,5 million will be vendor financed by Alexander Forbes. This deal follows shortly after the successful implementation of the BEE partnership in South Africa between Alexander Forbes and a BEE consortium headed by Cyril Ramaphosa’s company Millennium Consolidated Investments (MCI).Prominent Namibian businessman Sidney Martin and renowned athlete Frank Fredericks of Cherish Investments will head up the new empowerment company, Alexander Forbes Namibia Empowerment Holdings (Pty) Ltd.Following the deal Cherish Investments will own an effective 25 per cent of Alexander Forbes Namibia.As in South Africa, there will be broad-based participation in the transaction through the Alexander Forbes Namibia Development Trust which will have an effective 5 per cent shareholding.Martin said: “Equity participation in Alexander Forbes Namibian Holdings by BEE company Cherish Investments is to accomplish empowerment in the context of competitive and innovative economic growth.This transaction is an imperative catalyst that allows the Namibian nation to become intrinsic partners to the economy.”Ingo Rix, chief executive of Alexander Forbes Namibia Holdings, said: “The launch of the new empowerment company and the incorporation of Namibian shareholders, who were previously disadvantaged, into the business is expected to foster transformation and provide a long-term sustainable platform to advance black economic empowerment and ensure continued growth of the business.We believe it will also benefit the Namibian economy at large.”Rix said transformation will be further advanced through the Alexander Forbes Namibia Development Trust which was established to support grassroots development in Namibia.Its mandate is to support historically disadvantaged individuals by providing education and training and helping organisations involved in assisting and uplifting persons suffering from life threatening diseases such as HIV-AIDS, elderly women, children and those who require healthcare assistance.Martin and Fredericks of Cherish Investments and Rix and Reagon Graig of Alexander Forbes Namibia will serve as Trustees of the Alexander Forbes Namibia Development Trust.This deal follows shortly after the successful implementation of the BEE partnership in South Africa between Alexander Forbes and a BEE consortium headed by Cyril Ramaphosa’s company Millennium Consolidated Investments (MCI).Prominent Namibian businessman Sidney Martin and renowned athlete Frank Fredericks of Cherish Investments will head up the new empowerment company, Alexander Forbes Namibia Empowerment Holdings (Pty) Ltd.Following the deal Cherish Investments will own an effective 25 per cent of Alexander Forbes Namibia.As in South Africa, there will be broad-based participation in the transaction through the Alexander Forbes Namibia Development Trust which will have an effective 5 per cent shareholding.Martin said: “Equity participation in Alexander Forbes Namibian Holdings by BEE company Cherish Investments is to accomplish empowerment in the context of competitive and innovative economic growth.This transaction is an imperative catalyst that allows the Namibian nation to become intrinsic partners to the economy.”Ingo Rix, chief executive of Alexander Forbes Namibia Holdings, said: “The launch of the new empowerment company and the incorporation of Namibian shareholders, who were previously disadvantaged, into the business is expected to foster transformation and provide a long-term sustainable platform to advance black economic empowerment and ensure continued growth of the business.We believe it will also benefit the Namibian economy at large.”Rix said transformation will be further advanced through the Alexander Forbes Namibia Development Trust which was established to support grassroots development in Namibia.Its mandate is to support historically disadvantaged individuals by providing education and training and helping organisations involved in assisting and uplifting persons suffering from life threatening diseases such as HIV-AIDS, elderly women, children and those who require healthcare assistance.Martin and Fredericks of Cherish Investments and Rix and Reagon Graig of Alexander Forbes Namibia will serve as Trustees of the Alexander Forbes Namibia Development Trust.