13 March 2019

Namibia: Transnamib to Sell Off Some Property Valued At N$2.4 Billion

Windhoek — TransNamib has confirmed that it plans to sell off some of its non-core properties in order to support growth identified in its Integrated Business Strategic Plan (IBSP) for the next five years. TransNamib, which falls under the oversight of the Ministry of Works and Transport and Ministry of Public Enterprises, had its portfolio of properties in the country valued at N$2.4 billion as at March 31, 2018.

According to Ailly Hangula-Paulino, TransNamib's Chief Corporate Communications Officer, the next step in the process is to evaluate all the registered properties with the final output being incorporated into the property strategy.

The properties profile has various categories, namely, commercial, industrial, operational and residential.

During early February this year, Minister of Works and Transport, John Mutorwa, officially launched the TransNamib's ISBP for 2018/2019 to 2022/23, which was approved by Cabinet in December last year.

"Cabinet approved the leveraging and sale of TransNamib's non-core unencumbered properties to generate funds for the operational and capital expenditure plan. Cabinet also directed that first priority should be given to State-Owned Enterprises (SOEs) when TransNamib sells off its non-core properties," reads Hangula-Paulino's statement.

She noted that to date, TransNamib is still in the process of looking at various options. "We have therefore not made any recommendations if any property will be sold and which process will be followed to use the properties as support for the development of our business plan," said Hangula-Paulino.

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