Namibian Mid-Cap Fund completes acquisition of Swanib Cables

By Sophie Chapman

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.

SEE ALSO:

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.

Share
Share

Featured Articles

Abu Dhabi Airports prepares for Terminal A opening

A decade in the making, Abu Dhabi International Airport welcomes 6,000 volunteers to test operational readiness of stunning new Terminal A building

Business Chief expands portfolio with new look and coverage

Business Chief Middle East & Africa launches with fresh new look and extended coverage of the region, with exclusive executive interviews and insights

How Octopus Energy grew to become an industry giant

Octopus Energy continues to grow after a deal was agreed to acquire Shell Energy in the UK and Germany, taking its customer base to almost seven million

Perkbox CEO: How to support employees through tough times

Human Capital

How Middle East is embracing the future of digital finance

Corporate Finance

UAE Lulu Group shifts business for global growth and IPO

Corporate Finance