Swakop Uranium workers can buy Namitvest shares under new agreement

Swakop Uranium employees can now invest in Namitvest shares through a new payroll deduction agreement.

Namitvest Investment Holdings and Swakop Uranium have signed an agreement that is aimed at providing employees with financial security and ownership opportunities.

The Namibia Miners Investment Trust (Namitvest) offers shares to members and former members of the Mineworkers Union of Namibia (MUN) and their dependants.

In a signing ceremony held last week, the companies announced that employees of Swakop Uranium will be able to invest in shares ranging from 15 000 to 25 000 shares through a payroll deduction agreement.

Namitvest principal officer Jason Kasuto says the salary deduction system ensures that contributions are made consistently and securely without placing undue financial strain on employees.

“The technical structure of this agreement ensures a seamless, transparent, and sustainable mechanism that benefits all stakeholders; employees, the employer, and the broader investment community.

The scheme is open to all MUN members and ex-members,” he says.

Additionally, in the event of employment termination, workers retain ownership of the shares they have paid for, ensuring financial security.

“For employees, this initiative provides a unique opportunity to transition from wage earners to shareholders, creating a sense of ownership and participation in the company’s long-term success,” Kasuto says.

Swakop Uranium vice president Patrick Chizabulyo says the agreement aligns with the company’s mandate to provide opportunities for employee growth.

“We support and welcome this initiative, because we see value creation for the members of the union, who are our employees,” he says.

According to MUN president Poco-Key Mberiuana, the agreement does not only provide financial benefits for employees, but also helps build trust between employees and employers.

“By working together, we’ve created a platform that not only aligns with the financial goals of our members, but also strengthens the relationship

between employees and their employer,” he says.

Namitvest had 4.5 million shares available from its 10 million authorised share capital in December.

The company has received applications for about 5.5 million shares.

To date Namitvest, through JTT Public Company, has over 1 500 shareholder applicants, comprising MUN members and ex-members.

Last year, the company declared its first dividends, paying its 690 shareholders N$914 000.

The biggest shareholder received N$20 000, while the smallest received N$1 000.

The company also donated one million free shares as part of its vulnerable members initiative.

Namitvest is owned by Just Transition Investments and holds a 25% stake in Nam-Mic Holdings, valued at over N$700 million.

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