SBN makes its NSX debut

18 November 2019 | Banking

Standard Bank Namibia (SBN) Holdings Limited became the latest member of the Namibia Stock Exchange (NSX) on Friday, with its shares starting to trade at exactly 09:00.
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.

Similar News

 

Local bank wins big

3 days ago - 02 December 2019 | Banking

Bank Windhoek was named Bank of the Year by the leading financial publication, The Banker, in London last week.“Bank Windhoek was Namibia’s best performing bank...

Black Friday, Cyber Monday and secure online shopping

1 week ago - 25 November 2019 | Banking

Riaan ViljoenWith Black Friday fast approaching and its online equivalent Cyber Monday a few days later, the number of online deals during this time will...

SBN wins at finance awards

1 month - 21 October 2019 | Banking

Standard Bank scooped the top spot as Namibia’s Best Investment Bank in the EMEA Finance 2019 Awards.“Standard Bank Namibia (SBN) is delighted to have been...

Top estate agents awarded

1 month - 21 October 2019 | Banking

Bank Windhoek celebrated its top real estate agents for the central region at an awards ceremony, where the award for the Top Estate Agency in...

A pencil for every child

1 month - 16 October 2019 | Banking

Yolanda NelThe second Stationary Drive was launched by the Bankers Association of Namibia (BAN) in Windhoekthis morning.The initiative is an effort to raise funds to...

Now is the time to buy

1 month - 15 October 2019 | Banking

Namibians can now buy shares in Standard Bank Namibia Holdings Limited following its successful application to list on the Namibia Stock Exchange (NSX).According to the...

Bank warns of vishing

1 month - 10 October 2019 | Banking

Standard Bank has warned clients of a ‘vishing’ scam that seems to be on the increase in recent weeks.Vishing refers to using a telephone in...

Don’t worry about SA strikes – BoN

2 months ago - 26 September 2019 | Banking

The Namibian banking system will not be affected by the impending South African bank strike on Friday.Responding to fears by the public that local banks...

Dealerships, salespersons awarded

2 months ago - 23 September 2019 | Banking

Bank Windhoek awarded the best dealerships and sales persons in the motor vehicle industry at its annual Selekt Sales Awards ceremony held in the capital...

Employees’ hard work pays off

2 months ago - 19 September 2019 | Banking

The work of outstanding individuals and branches were rewarded as part of the annual Capricorn Group Awards that aims to recognise the achievements of employees...

Latest News

CCSO projects end on a...

5 hours ago | Education

Earlier today the European Union (EU) and Konrad Adenauer Foundation (KAS) held an end of project event in Windhoek to celebrate the successes and achievements...

Get your house Christmas ready

5 hours ago | Art and Entertainment

December is here, which means that if you have yet to put up your Christmas decorations, then you’re already behind!But, despite the Christmas stockings, Santa...

Chill with Windhoek Express

1 day - 04 December 2019 | Art and Entertainment

Currently running• Atelier 7881 presents a monochrome exhibition with paintings, sketches and collages by Marcii Magson at 10 Oranje Street in Windhoek until 5 December....

What’s hot and happening at...

1 day - 04 December 2019 | Art and Entertainment

Bank Windhoek hosts the annual Summer Festival for visitors to the coast from Friday 6 December until Saturday 21 December, featuring loads of entertainment and...

New partnership broadens Gondwana horizons

1 day - 04 December 2019 | Business

The Gondwana Collection has entered into its first marketing partnership with the European hotelgroup, Romantik, which includes 200 hotels and 250 restaurants in nine European...

Dancing their way to N$30 000!

1 day - 04 December 2019 | Art and Entertainment

Yolanda Nel The fourth Kongoma dance festival is almost at its end, with the final taking place on Saturday at theSam Nujoma stadium.According to organiser...

Ghetto dreams are gold

2 days ago - 03 December 2019 | Art and Entertainment

Swakopmund • [email protected] hip-hop artist Paulus Kavindji (23), better known as Yung Kavin, has just released his second studio album, Ghetto Hero.Talking to this publication,...

Celebrating the end of a...

2 days ago - 03 December 2019 | Art and Entertainment

There are only a handful days left of this year, but also of this entire decade! To mark the end of thisimportant cycle, the public...

City sheds light on street...

2 days ago - 03 December 2019 | Local News

Yolanda Nel Weeks after residents took to social media to complain about 13 street name changes, the City of Windhoek (CoW) explains the matter at...

Load More