Vukile to seek listing on NSX

JOHANNESBURG – JSE-listed property loan stock company Vukile said yesterday it was applying for a dual listing on the Namibian Stock Exchange (NSX) and planned to expand its property portfolio in the country.

Chief Executive Gerhard van Zyl said with its take-over of MICC Property, Vukile had acquired Namibian properties worth some R250 million and, given the robust state of the commercial property sector in that country, it intended to increase its investment in Namibia. Vukile is one of the largest property loan stock (PLS) companies listed on the JSE Limited.It owns a property portfolio comprising 53 properties and has a gross asset value of approximately R2,5 billion, as at March 31 2006.”The dual listing underlines our commitment to Namibia and will enable us to broaden our shareholder base, while at the same time providing Namibians with a new investment vehicle and the opportunity to participate in Vukile’s projected growth,” he said.Namibian asset managers are required to invest at least 35 per cent of their funds in instruments categorised as “local assets” by the Namibian Financial Institutions Supervisory Authority (Namfisa).Van Zyl said it was Vukile’s stated objective to broaden its investor base and the dual listing would be an ideal opportunity to bring new investors into the company.Vukile is one of the largest property loan stock (PLS) companies listed on the JSE Limited.It owns a property portfolio comprising 53 properties and has a gross asset value of approximately R2,5 billion, as at March 31 2006.”The dual listing underlines our commitment to Namibia and will enable us to broaden our shareholder base, while at the same time providing Namibians with a new investment vehicle and the opportunity to participate in Vukile’s projected growth,” he said.Namibian asset managers are required to invest at least 35 per cent of their funds in instruments categorised as “local assets” by the Namibian Financial Institutions Supervisory Authority (Namfisa).Van Zyl said it was Vukile’s stated objective to broaden its investor base and the dual listing would be an ideal opportunity to bring new investors into the company.