WINDHOEK: Deputy Executive Director in the Ministry of Mines and Energy, Gloria Simubali has led a delegation to the ‘Investing in African Mining Indaba 2024’, which commenced in Cape Town, South Africa on Monday.

A media statement availed by the Ministry of Mines and Energy said Namibia will during the indaba showcase the opportunities the country presents in the mining sector to a global audience of foremost thinkers in mining.

Namibia’s rich mineral resources and recent resource discoveries make it a hotspot for renewable energy development and a top choice for mining investment.

‘The Namibian mining sector plays a significant role in the economy, accounting for about 12.2 per cent to the country’s Gross Domestic Product (GDP) in 2022, or no less than 14.3 per cent when minerals processing and beneficiation are considered,’ it read.

The statement further said the delegation will promote Namibia’s investment prospects in the mining sector and related industries through a series of Business-to-Business (
B2B) and Business to Government (B2G) meetings, as well as a country showcase panel discussion focusing on critical raw materials development and local value addition in the Namibian context.

The Mining Indaba is expected to allow Namibia to showcase its potential amongst other mining countries.

The delegation further consists of government and public sector officials, the Namibian Chamber of Mines, representatives from mining houses and other private sector players and will be participating under the theme ‘Namibia: Taking the bold steps to sustainable mining: shaping a green tomorrow’.

It ends on Thursday.

Source: The Namibia Press Agency

ILAM Fahari Real Estate Investment Trust has received the regulatory approval to delist from the Main Investment Market Segment (MIMS) of the Nairobi Securities Exchange (NSE), effective Monday, February 12, 2024.

The last day of trading will be Friday, February 9, 2024.

This follows the resolution by unitholders of IFIR to restructure and delist and the subsequent approval for delisting by the Capital Markets Authority (CMA).

On November 24th 2023, the unitholders, during a special Extraordinary General Meeting (EGM), approved all the resolutions recommended by the Management and approved by the Board of Trustees.

In a press statement, ILAM Chief Executive Officer (CEO), Mr. Einstein Kihanda, revealed that IFIR is in the process of applying to have its securities admitted for trading over the counter on the Unquoted Securities Platform (USP) of the NSE.

‘We welcome the approval by the Capital Markets Authority. This decision aligns with our commitment to enhancing value for our unitholders, ensuring a m
ore agile and efficient operation and pursuing a more focused investment strategy that aligns with the evolving needs of our unitholders,’ stated Kihanda.

The delisting from the MIMS of the NSE and the subsequent trading over the counter on the USP of the NSE will provide greater flexibility in managing the REIT’s portfolio and will not affect the unitholders’ ability to trade their units, with Non-Professional investors bundled into a Nominee Account.

Nevertheless, the REIT will consider relisting on the NSE after 3 years upon successful implementation of the strategy.

‘Trading over the counter on the USP will allow us to serve the long-term interests of our unitholders better and provide the unitholders with a high-quality investment experience whilst the REIT remains regulated by the Capital Markets Authority. We are thrilled to embark on this restructuring journey to fuel our growth and deliver exceptional returns to our unitholders,’ said Raphael Mwito, ILAM Fahari I-REIT’s Chief Executive Officer.

I
LAM will be seeking high-quality assets in prime locations with strong tenants and aims to double its portfolio value from Sh. 3.5 billion to Sh. 7 billion within the next three years.

The restructuring is expected to create several benefits for unitholders, including increased flexibility to pursue a broader range of investment opportunities, including direct real estate acquisitions and developments, improved ability to align the REIT’s investment strategy with the long-term needs of its unitholders, and reduced costs and administrative burdens associated with being a listed REIT.

Source: Kenya News Agency