Namibia: Mungunda On Oryx Properties Board

Maerua Mall owners, Oryx Properties Limited have appointed former Standard Bank Namibia group chief executive officer Vetumbuavi Mungunda as a board member.

According to the announcement made on the Namibian Stock Exchange (NSX) news platform early last week, his appointment is effective 1 May, just immediately after leaving the bank on 30 April.

At Standard Bank, he was replaced by Mercia Geises, and it is not clear whose place he is taking on the Oryx's board.

"Mungunda brings a wealth of experience in both the banking and audit industries for 25 years. More recently, Mungunda was the CEO of Standard Bank Namibia and prior to that the managing and regional managing Partner for Deloitte," reads Oryx's announcement.

His other recent board appointments include the recently established Namibia Investment Promotion Board.

Standard Bank is one of the owners of Oryx Properties through its subsidiary, Standard Bank Nominees, who have the lion's share in units holding of 32%, as per the recent annual report.

The same report states that Standard Bank is one of the biggest borrowers to the Oryx Properties.

Oryx Properties like many other companies were affected by the economic fallout caused by Covid-19.

The company reported a N$55 million comprehensive loss in the December 2020 interim results. Despite this loss, a distribution of 56,50 cents per unit was declared and paid out last month after several scuffles with unit holders.

The company's shares are also trading on low on the NSX at N$10 per share as of last week Monday.

The highest Oryx shares have gone is N$21,43 in 2016, and the current share price brings back 2012 memories.

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