SBN makes its NSX debut
18 November 2019 | Banking
Finance minister Calle Schlettwein and chief executive of Africa regions of Standard Bank Sola David-Borha, rang the bell at exactly 09:00 to symbolise the start of the bank’s trading on the local bourse, with the bank’s staff in full attendance.
Also in attendance were Standard Bank Namibia board chairperson Herbert Maier as well as chief executive Vetumbuavi Mungunda, NSX chairperson David Nuyoma and chief executive Tiaan Bazuin.
The listing of 522,471,910 shares on the NSX added N$4.65 billion to the local stock exchange’s market capitalization.
According to Schlettwein, the Initial Public Offering (IPO) of 81,140,449 shares valued at N$722 million is a significant capitalization and value creation in the domestic market. “Equally, the empowerment stake to over 1 900 employees which preceded the IPO action, at the total initial value of N$300 million, manifests the spirit of inclusive development and wealth creation locally.”
The staff empowerment transaction, the largest such scheme in terms of transaction value, was concluded in 2015 and at the current listing price its value has increased by 48% to about N$445 million.
Standard Bank’s Mungunda expressed appreciation to Namibians, saying that over 10 000 Namibians submitted 12 500 applications for shares in the bank. “Listing of a company on a stock exchange is a commitment to a future, a promise to stakeholders, it is a sharing in the prospects with fellow citizens, and it is a commitment to transparency and openness. It means inclusiveness and a sense of belonging to all.”
Mungunda also announced that all Namibian individual and corporate applicants have been allocated all the shares they have applied for, whereas Namibian institutions have been allocated 41.58% of the shares they have applied for and non-Namibian institutions were allocated 20% of the shares they applied for.
Standard Bank Namibia shares started trading at N$8.90 as soon as they debuted on the NSX on Friday morning.