MUN launches Just Transition Investments to empower members

The Mineworkers Union of Namibia (MUN) has announced a significant evolution in its investment holdings with the launch of Just Transition Investments (JTT), aimed at empowering its members through direct shareholding opportunities.

This initiative marks a strategic shift from the previously established Mineworkers of Namibia Just Transition Trust, which has now transitioned into a public company under the theme 'Creating a Vehicle for Generational Wealth' for current and former members of the union, as well as their dependents.

The JTT company is dedicated to improving the lives of its defined beneficiaries. It holds a 100% stake in Namitvest Investment Holdings (Proprietary) Limited, which in turn owns 25% of the entire issued share capital of the Namibia Mineworkers Investments Holding Company (Proprietary) Limited (NAMMIC Holdings), a company valued at over N$700 million.

Joshua Kaitungwa, the board chairperson of NAMMIC, emphasised the importance of this transition, stating: “JTT Namibia Limited, which holds 100% of Namitvest Investment Holdings, is now a public company, reflecting our dedication to transparency, accountability and market growth. The transformation from Just Transition Trust to Just Transition Investments signifies our evolution and readiness to make a lasting impact on Namibia's investment landscape.”

Prudent balance

Jason Kasuto, the principal officer of Namitvest, highlighted the leadership's commitment to fostering broad-based economic growth for its members.

“The Mineworkers Union of Namibia (MUN) leadership was clear about the why, which is that the MUN has prudently grown an investment holding company, Nammic Holdings, over the years to achieve a substantial balance sheet, and in doing so, the MUN sees it as necessary to go the extra mile to ensure the financial inclusion of their members, former members and their children in the growth of the commercial arm, Nammic Holdings.”

Kasuto further explained that the MUN is now taking a proactive role in empowering its members by enabling them to directly benefit from equity in key companies.

“However, the vision of the MUN speaks to ensuring that the workers do not merely remain recipients of wages, retrenchment packages and pensions but become actual owners of assets,” he said.

Assets

The underlying assets of NAMMIC Holdings include significant investments in companies such as Capricorn Group, Sanlam, Santam, Avis, Gondwana, B2Gold, and Preferred Management Solutions, known for the Osona housing development.

“The issuance of JTT shares to our shareholders is a pivotal step in this journey. With over 285 000 shares changing hands at a price of N$6.05 per share, this initiative is creating real, tangible value for our stakeholders,” Kasuto noted.

The first issuance of shares saw 370 267 shares distributed, reflecting Namitvest’s commitment to broadening the base of beneficiaries and ensuring that the fruits of their investments are widely shared.

“Our target of 4 500 shareholders, with a monthly issuance of 250 to 500 share certificates, signifies our long-term vision and commitment to inclusivity. By August 30, 2024, we aim to have further expanded our shareholder base, reinforcing our mission to provide a pathway to long-term prosperity and economic stability for our subscribers and future generations,” Kasuto added.

To date, over 1 830 subscriptions have been received, and the union looks forward to increasing its shareholder base through this new investment vehicle, ultimately aiming to create generational wealth for its members and their families.