SBN transfers 10pc shareholding allocation to employees and a community trust

WINDHOEK: Standard Bank Namibia (SBN) has transferred its 10 per cent shareholding allocation to their employees and a community trust to be established by the bank.

Standard Bank Namibia’s Manager for Public Relations and Corporate Communications, Surihe Gaomas-Guchu, announced this in a media statement issued here on Friday.

She said the shareholding allocation to employees and a community trust is in line with provisions of the banking regulatory authority, aimed at increasing local participation in the financial sector.

Gaomas-Guchu said the capital for the empowerment transaction has been sourced through the participation of Namibian institutions and it estimated at the value of N.dollars 300 million.

She explained that the total shareholding of 10 per cent will be divided between current SBN employees who are eligible for eight per cent, while the remaining two per cent will be allocated to a community trust which will be established and managed by SBN. The trust will give special preference to education and health issues amongst vulnerable members of the community.

ORANJEMUND; The Namibian Government receives N.dollars 0.80 from each dollar the Namdeb Diamond Corporation generates.

This was revealed by a senior director at De Beers, Bruce Cleaver, during the official inauguration of the Sendelingsdrif mine on site on Friday.

Sendelingsdrif is located along the Orange River, between Oranjemund and Rosh Pinah in the //Karas Region.

Cleaver said the company was committed to assist in the development of the country – from which the diamonds are retrieved – in particular the //Karas Region, where the Namdeb mines are located.

He said Namdeb was in talks with the University of Namibia’s Southern Campus to provide financial assistance towards the education of students, as part of its corporate social responsibility.

SOURCE: NAMPA