Stimulus Investments Limited (Stimulus) has increased its shareholding in Cymot Investments (Pty) Limited (Cymot) by 6.4% and now holds a 31.5% interest in Cymot.
The shares came onto the market as a result of senior management retiring earlier this year.
"In view of transformation and our positive investor relationship with Stimulus over the past 11 years, I am delighted to announce that our BEE status has improved significantly because of the latest transaction", said Axel Theissen, CEO of Cymot.
Josephat Mwatotele, Stimulus Director said, “We very are proud to be associated with a truly Namibian group, which was founded in 1948 and today is one of the most popular shopping destinations for many Namibians. Stimulus has been involved with the business on a strategic level and has played an instrumental role in Cymot’s growth over the past 11 years. We believe that the Cymot shares on offer provide an excellent investment opportunity for Stimulus and we look forward to assisting in taking the group to even greater heights in the years to come.”
Depsite the current economic challenges affecting the broader retail and wholesale sectors the additional investment in Cymot is an indication of our confidence in the business and its management team, concluded Josephat Mwatotele.