Over 10 000 Namibians apply for Standard Bank Namibia shares

Over 10 000 Namibians have submitted 12 500 applications for the shares in the bank announced Standard Bank Namibia (SBN) Chief Executive Officer Junius Vetumbuavi Mungunda.

On 15 October, SBN announced that the public will have the opportunity to take up shares in the bank following a successful application to list on the Namibia Stock Exchange (NSX).

Speaking at the SBN's Pre Listing ceremony on Thursday evening, Mungunda said all Namibian individual and corporate applicants have been allocated all the shares which they applied for.

Namibian institutions have been allocated 41.58 per cent of the shares they applied for and non-Namibian institution was allocated 20 per cent of the shares applied for, Mungunda said.

Mungunda further noted that In 2015, Standard Bank Namibia (SBN) concluded its Employee share scheme where 1 900 employees benefited, which is the largest scheme in Namibia in terms of transaction value and number of beneficiaries.

Out of the 1 900, 58 per cent are women (1 102) while 93 per cent (1 771) are previously disadvantaged Namibians.

The total value of the employee share transaction was N.dollars 300 million when this transaction was concluded in 2015 and at today's listing price, the value has increased by 48 per cent to about N.dollars 445 million to create real value for beneficiaries, Mungunda explained.

He also said the bank is inclusive as the women representation the bank are over 50 per cent both on the executive level and lower levels.

Out of Standard Bank Namibia's 1 618 employees, 971 of them are women which represents 60 per cent and eight out of its 14 executives (58 per cent) are women as well, Mungunda said.

Source: Namibia Press Agency