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Bidvest Namibia sells off Bidfish, finally

16/07/2018
by Kelvin Chiringa
Business

Following a disappointing performance by Bidvest Namibia on account of fallen revenues, the company has at last sold off Bidfish to Tunacor after acquiring 100% of Namsov Properties and United Fishing.

A latest assessment by PSG Namibia held that Bidvest’s performance woes meant that investors should be cautious.

Bidvest Namibia, through its wholly owned subsidiary Bidvest Namibia Property acquired the remaining issued share capital of Namsov Industrial Properties (“NIP) and United Fishing Enterprises (“UFE”).

Bidvest Namibia held a 69.55% indirect shareholding in both NIP and UFE through its indirect subsidiary Namsov Fishing Enterprises (Proprietary) Limited (“Namsov”), which holding has been transferred to Bidvest Namibia Property.

The remaining 30.45% in NIP and UFE were indirectly held by the following entities through their shareholding in Namsov: Khomas Fishing and Packaging (4.975%), Henties Bay People Fishing (5,525%), Prestige Fisheries Holdings (4,975%) and Namsov Community Trust (10%).

An offer, based on a professional market valuation conducted for both NIP and UFE during March 2018, was made for the remaining 30.45% and was accepted by the shareholders.

The underlying effect of the transaction is that Bidvest Namibia has increased its effective shareholding in NIP and UFE from 69.55% to 100%.

This transaction was done in order to conclude the disposal of the entire issued share capital of Bidvest Namibia Fisheries Holdings (“Bidfish”) and/or any of the company’s subsidiaries to Tunacor Fisheries Limited (“Tunacor”). Bidvest Namibia will dispose of the Bidfish shares to Tunacor for a cash consideration equal to the Net Asset Value of Bidfish as at June 30 2018.

The sale consideration will be confirmed upon finalisation of the Audited Annual Financial Statements of Bidfish for the year ended June 30 2018.?It will be settled in cash with the final settlement amount to be paid to Bidvest Namibia within five business days after the Effective Date Financial Statements have been delivered to the purchaser.

The NAV will exclude Bidfish’s businesses in Angola and Mozambique, certain vessels, plant and equipment, cash in excess of stated and agreed working capital requirements and any dividends declared and/or to be declared in respect of these businesses and assets.