21 January 2013

Namibia: Bank Windhoek Eyes Listing On NSX

BANK Windhoek Holdings Limited (BWH) on Friday said it has applied to the Namibian Stock Exchange to list on the main board of the bourse.

If successful, BWH will become the 13th primary listing and only the second banking group after FNB Namibia to list on the NSX.

"The listing of a company is a regulated process and therefore the exact timing of the listing will only become clear as the process unfolds. Speculation about the potential listing date is therefore discouraged and holders of BWH shares are requested to exercise caution in dealing with their shares," BWH chairman Koos Brandt said.

The move will be welcomed by Government, who considering to compel all banking institutions to list on the Local Index of the NSX. In its Namibia Financial Sector Strategy (NFSS), launched last year, Government said "there is envisaged to be a regulation that would prescribe mandatory listing [of banking institutions]".

This would help Government to achieve its NFSS target that the local market capitalisation of the NSX should be 75% of Namibia's gross domestic product (GDP) by 2021. In 2009, the NSX's local market capitalisation was only about nine per cent of Namibia's GDP. According to Investment House Namibia (now PSG Konsult) Banking Review 2012, Bank Windhoek had about N$17,4 billion in assets at the end of December 2011, making it the second biggest bank in Namibia. FNB Namibia was the biggest, with assets worth some N$20,6 billion, while Standard Bank Namibia had N$16,1 billion and Nedbank Namibia N$7,5 billion.

Brandt on Friday said IJG Securities has been appointed as the lead sponsor and co-advisor for the listing, while PSG Konsult Wealth Management will act as the lead advisor and co-sponsor.

"We are excited and honoured to have been chosen by the CIH Group [which own 73% of Bank Windhoek] to be part of this historic event, through providing our guidance and expertise in the listing of BWH", said IJG Securities group managing director Mark Spa¨th and PSG Konsult principal director Brian van Rensburg.

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