Coronation to buy stake in Namibian Harvest

JOHANNESBURG – Coronation Investment Management, a subsidiary of listed fund management group Coronation Fund Managers, has agreed to acquire a 47,14 per cent stake in Namibian Harvest Investments for R8,9 million in cash, the company has announced.

Namibian Harvest is listed on the Namibian Stock Exchange and is currently in the process of disposing of all of its non-asset management operations. The effective date of the acquisition is October 1, 2006.Being a small related party transaction, the agreement is subject to obtaining a favourable fair and reasonable opinion from an independent expert.CIM and its subsidiaries had provided substantial support to both the establishment and development of Namibian Harvest since 1997, Coronation said.The company had held a stake in Namibian Harvest through Coronation Holdings, but following Coronation Holdings’ de-listing it was more appropriate to hold this stake via CIM, due to its ongoing relationship with the company, Coronation explained.CIM would be purchasing the value of the asset management businesses within Namibian Harvest, and any earnings or losses pertaining to the group’s remaining investments, which were now being disposed of, would be passed on to Coronation Equities.It was expected that the disposals would be finalised by the end of 2006.- Business ReportThe effective date of the acquisition is October 1, 2006.Being a small related party transaction, the agreement is subject to obtaining a favourable fair and reasonable opinion from an independent expert.CIM and its subsidiaries had provided substantial support to both the establishment and development of Namibian Harvest since 1997, Coronation said.The company had held a stake in Namibian Harvest through Coronation Holdings, but following Coronation Holdings’ de-listing it was more appropriate to hold this stake via CIM, due to its ongoing relationship with the company, Coronation explained.CIM would be purchasing the value of the asset management businesses within Namibian Harvest, and any earnings or losses pertaining to the group’s remaining investments, which were now being disposed of, would be passed on to Coronation Equities.It was expected that the disposals would be finalised by the end of 2006.- Business Report