The Namibia Miners Union (MUN) last week launched NAMITVest Investment Holdings, which aims to create a buffer to mitigate the impact of job losses due to any unforeseen economic shock in the mining sector.
According to Jason Kasuto of NAMITVest, the launch is a broad empowerment initiative that aims to build the investment portfolio of members and build generational wealth for members and their dependents.
In July 1997, MUN established a trading arm, known as Namibia Mineworkers Investment Holding Company (NAM-MIC), which since its inception has increased its net asset value to N $ 500 million, with interests in key sectors such as mining, finance services, including banking, transport and logistics, health and tourism.
The objective of MUN has been to ensure that the beneficiaries, made up of its members, ex-members and their dependents, are raised through the activities of the commercial branch.
âAfter having prudently developed the portfolio of NAM-MIC to an important level, the MUN Trust, being the 100% shareholder of NAM-MIC, will now dilute 25% of its stake in NAM-MIC, valued at 103 million of Namibian dollars to a database target of 37,000 members, ex-members and their dependents through a special-purpose vehicle called NAMITVest. These beneficiaries will be able to subscribe for shares at a discount rate of 50%, âKasuto explained.
On the same occasion, Deputy Minister of Mines Kornelia Shilunga said that she was delighted to learn that among the sectors targeted by NAMITVest for investment are green industries which have a positive impact on climate change.
She further urged NAMITVest to consider investing in renewables such as solar wind.
“NAMITVest has implemented a loyalty and rewards program that will integrate various service providers such as retailers across Namibia, where members will be able to receive discounts on their purchases, creating a direct benefit for members today. in a way that will uplift their daily lives, âexplained Shilunga.
The Deputy Minister also encouraged NAMITVest to invest in data management, as this will determine the company’s ability to reach its members effectively and efficiently.