Bank Windhoek Holdings has confirmed that it will acquire the entire issued share capital of Capricorn Asset Management (CAM). Bank Windhoek Holdings Limited will purchase the shares from the sellers for a cash consideration of N$128 million.
"The transaction is seen as a key enabler towards achieving Bank Windhoek Holding's aim to diversify its business interests. The key motivations for the transaction are to drive synergies between the value offering in the Bank Windhoek Holdings Limited group and CAM, the diversification of Bank Windhoek Holding's income streams, and growth potential," said Christo de Vries, managing director of Bank Windhoek Holdings Limited.
Capricorn Investment Holdings Limited, Nam-mic Financial Services Holdings (Pty) Limited and the Bank Windhoek Holdings Group Employee Share Ownership Trust collectively hold shareholding totalling 100 percent in the issued ordinary share capital of CAM as at the effective date.
The transaction is subject to certain conditions, including the performance of a due diligence investigation to the satisfaction of Bank Windhoek Holdings, approval from the Bank of Namibia as well as approval by the Namibia Financial Institutions Supervisory Authority (Namfisa).
"CAM is one of Namibia's leading asset management companies in the capital and money market industry with N$10.4 billion under management as at December 31, 2013. CAM was officially launched in July 2006, as a fully-fledged and licensed local and independent asset management company. The company currently manages and administers 13 unit trust funds and a number of segregated portfolios, which amongst others include pension fund mandates. The Bank Windhoek Unit Trust funds constitute the largest portion of the assets under management", said de Vries.