Stimulus makes two disinvestments
Stimulus Investments disposed of its 26% interest in Nashua Namibia as well as its 17.6% stake in Khomas Solar Savers to Sedgeley Solar Management. Stimulus now owns 50% in Khomas Solar Saver, while Sedgeley Solar Management owns the remaining half.
The proceeds from these two disposals amounted to N$75.2 million, which was paid out as a special dividend to the 2011 preference shareholders during December 2022.
Despite the disposals, Stimulus still holds seven investments in Plastic Packaging Group, Namibia Media Holdings Group, Cymot, Polyoak Packaging Namibia, Neo Paints Group, Khomas Solar Saver and Walvis Bay Stevedoring. The investee companies’ employ 1 264 permanent employees and 766 temporary employees.
These details were revealed yesterday at the presentation of Stimulus financial results for the year ended 28 February 2023.
Total assets under management amounted to N$651.1 million for the period under review, compared to N$648.8 million recorded in the previous financial year.
The Stimulus portfolio delivered dividend payments to its preference shareholders totaling N$84.5 million (2022: N$9.6 million) for the year under review, an increase of 777% when compared to the previous financial period. The substantial increase in dividends is largely due to the proceeds from the investment disposals.
“We are pleased to report that, in general, the portfolio companies experienced a meaningful pick-up in business activity which filtered through to revenue and profit growth. Forecasting predictability has also improved. The construction sector, however, remained in recession, which currently limits revenue growth in Neo Paints, which supplies this industry. Media also remains a challenging industry with companies in this sector, such as Namibia Media Holdings, being forced to rapidly adapt to an ever-changing technological environment,” Stimulus [email protected]
The proceeds from these two disposals amounted to N$75.2 million, which was paid out as a special dividend to the 2011 preference shareholders during December 2022.
Despite the disposals, Stimulus still holds seven investments in Plastic Packaging Group, Namibia Media Holdings Group, Cymot, Polyoak Packaging Namibia, Neo Paints Group, Khomas Solar Saver and Walvis Bay Stevedoring. The investee companies’ employ 1 264 permanent employees and 766 temporary employees.
These details were revealed yesterday at the presentation of Stimulus financial results for the year ended 28 February 2023.
Total assets under management amounted to N$651.1 million for the period under review, compared to N$648.8 million recorded in the previous financial year.
The Stimulus portfolio delivered dividend payments to its preference shareholders totaling N$84.5 million (2022: N$9.6 million) for the year under review, an increase of 777% when compared to the previous financial period. The substantial increase in dividends is largely due to the proceeds from the investment disposals.
“We are pleased to report that, in general, the portfolio companies experienced a meaningful pick-up in business activity which filtered through to revenue and profit growth. Forecasting predictability has also improved. The construction sector, however, remained in recession, which currently limits revenue growth in Neo Paints, which supplies this industry. Media also remains a challenging industry with companies in this sector, such as Namibia Media Holdings, being forced to rapidly adapt to an ever-changing technological environment,” Stimulus [email protected]
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