New Africa Capital facilitates equity partnership between Metropolitan Namibia
and Namibian empowerment consortium, Pinnacle
New Africa Capital news release
JSE Code NAC
NSX Code NWC
ISIN number ZAE 000033361
New Africa Capital, holding company for the Metropolitan businesses, has
facilitated the sale of a 20% stake in its wholly owned subsidiary, Metropolitan
Namibia, to a Namibian empowerment consortium known as Pinnacle, one of the
foremost empowerment groupings in that country.
Pinnacle has four major stakeholders, all of which are influential empowerment
players in their own right: Kumwe (50%), Pamue (35%), Nawegro (10%) and Ondjupa
(5%).
Peter Doyle, group chief executive of New Africa Capital, will be announcing the
partnership at a gala function in Windhoek this evening (Tuesday 19 November).
New Africa Capital has also given Pinnacle an undertaking that a further 10% of
the shares in Metropolitan Namibia will be made available to them once they have
obtained the financial backing needed to acquire this second tranche.
END
ISSUED BY JO-MARE GALLOWAY
COMMUNICATIONS MANAGER
METROPOLITAN NAMIBIA
TEL 092 6461 2973093 OR CEL 081 129 0745
DATE 19 NOVEMBER 2002
QUERIES LEEBA FOUCHE
MANAGING DIRECTOR
METROPOLITAN NAMIBIA
TEL 092 6461 2973011
Date: 19/11/2002 03:19:55 PM Produced by the JSE SENS Department
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