Nimbus to raise stake in Paratus to majority holding
1 June 2018
Namibian company Nimbus Infrastructure expects to finalise the terms for a share swap that will increase its stake in Paratus Telecommunications to 51.4 percent on 01 June, according to a Republikein article online. Nimbus will acquire another 24.9 percent of the issued share capital in Paratus. This will consist of 8,815 ordinary shares held by Cuvelai Telecommunications, representing 18.6 percent of the issued share capital of Paratus, as well as 3,000 ordinary shares held by Paratus CEO Bartholomeus Harmse, representing 6.3 percent of Paratus’ capital.
Nimbus will pay for the stake by issuing almost 8.50 new ordinary shares in Nimbus, at a par value of NAD 00.01 each and a premium of NAD 10.49, amounting to a total issue price of NAD 10.50 per ordinary share, with an aggregate value of somewhat over NAD 89.20 The total number of shares outstanding and listed on the NSX will be nearly 18.86 million.
The company says the rights issue will enable it to make more investments in ICT in sub-Saharan Africa. Nimbus said it is currently investigating the merits of an investment in data centres in both Namibia and Zambia, as well as an investment in a company planning a phased last-mile fibre roll-out in Windhoek. The project will provide fibre to the home and fibre to the business on an open access basis. It entails that any internet service provider will be able to on-sell services to end-users.