NAMITVEST Investment Holdings and Swakop Uranium signed a payroll deduction agreement on Thursday 27 February in Swakopmund for employees to invest in NAMITVEST, an instrument floated by JTT Public Company.
The initiative is expected to benefit members and ex-members of the Mineworkers Union of Namibia (MUN), along with their dependents, while also bringing advantages to Swakop Uranium.
The MUN chairperson, Poco-Key Mberiuana, said that cooperation is the cornerstone of progress. "This agreement is an example of how collaboration between unions, employers, and investment entities can create opportunities that benefit everyone involved," he said.
He emphasised how the MUN has continuously been committed to advocating for the rights and welfare of its members, stating that the partnership with NAMITVEST and Swakop Uranium is a demonstration of that commitment.
"By working together, we have created a platform that not only aligns with the financial goals of our members but also strengthens the relationship between employees and their employer," said Mberiuana.
Swakop Uranium, employees will be able to purchase shares through automatic salary deductions, ensuring seamless payment processing. Swakop Uranium will manage the collection process on behalf of NAMITVEST, making it easier for employees to invest in shares without the burden of manual payments.
The Vice President of Human Resources at Swakop Uranium, Patrick Chizabulyo, highlighted the impact the agreement would have on the mine's mandate.
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"Opportunities which allow our employees and their families to generate wealth through investing their money in NAMITVEST are most welcome and very well supported," stated Chizabulyo.
The initiative introduces the first large-scale payroll deduction system for NAMITVEST, enabling employees to secure shares ranging from N$15,000 to N$25,000.
The signing ceremony formalizes this partnership and highlights its benefits for employees and stakeholders alike.
NAMITVEST's principal officer, Jason Kasuto said that the signing of the agreement marks a significant milestone in their commitment to financial empowerment and economic inclusion.
"The signing of the payroll deduction agreement between NAMITVEST and Swakop Uranium represents a transformative step forward in ensuring that employees, particularly members of the Mine Workers Union of Namibia, have direct access to long-term wealth-building opportunities," said Kasuto.
Since the launch of NAMITVEST, a broad-based empowerment company, owned by subscribing members and ex-members of the MUN, it holds 25% shareholding in Namibia Mineworkers Investment Holdings Company (NAMMIC Holdings).
NAMMIC has grown significantly over the past 27 years and holds interests across sectors such as, financial services and banking, mining, health, tourism and hospitality and property.
Kasuto did not clarify what the other 75% of the underlying assets consists of or what the investment risks are for the participating employees.
Representatives of MUN, NAMITVEST and Swakop Uranium at the signing of the pay deduction agreement on Thursday 27 February 2025.
