The Namibian Mid-Cap Fund (NMCF) has acquired Swanib Cables, taking 100% of the shareholding from Powertech International Holdings, a Johannesburg Stock Exchange (JSE) listed company in the Altron Group.
Swanib Cables has been a market-leading cable company for the past 20 years, supplying electric and fibre optic cables, along with transformers, to the mining, utilities and infrastructure, and telecom sectors of Namibia.
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The NMCF’s funding for the acquisition derived from the Government Institutions Pension Fund (GIPF), an organisation that has intended to drive economic growth through infrastructure investment.
“The acquisition is aligned with the Namibian Government and the Government Institutions Pensions Fund’s policy goals of infrastructure investment to drive economic growth, job creation, as well as meaningful economic transformation and participation” the fund stated.
NMCF has reported that the deal is structured through an intermediate beneficiary.
The NMCF and GIPF’s intentions with Swanib Cables are to grow the business into a regional diversified distribution platform, through building on the company’s pre-existing success.
NMCF plan to expand this venture through further acquisitions.