Stimulus sells interest in NMH and Newsprint
Stimulus Investments Limited announced that its wholly-owned subsidiary Desert Trade Investments (Pty) Ltd (DTI), has agreed to sell all of its ordinary shares held in Namibia Media Holdings (NMH) and Newsprint to its co-shareholder, Emeraldsand Properties (Pty) Ltd (Emeraldsand). The shareholders of Emeraldsand will include various members of the NMH- and Newsprint management teams. Stimulus, through DTI, holds 79.95% shareholding in NMH and its subsidiaries and an 80% interest in Newsprint Namibia.In its announcement Stimulus said: “The transaction will be partly settled in cash with the remainder being repayable in terms of a financing arrangement.” The sale is further subject to certain conditions, including the approval by the Namibian Competition Commission (NaCC).
The seller provided background: “Stimulus is an investment holding company, registered and incorporated in Namibia. Its 2011 Preference Shares are listed on the Namibian Stock Exchange (NSX). These 2011 Preference shares offer the holders thereof exposure to a diversified portfolio of unlisted private equity type investments.”