Oryx now predominantly owned by Namibians

A transaction was concluded on 23 December, 2011 whereby a 25.5% holding in Oryx Properties Limited was sold for N$185 million. The 25.5% holding was previously held by SA Corporate Real Estate Fund, a South African property fund listed on the Johannesburg Stock Exchange with a market capitalisation in excess of N$7 billion. TLP Investments One Three Seven (Pty) Ltd, a consortium of private Namibian investors, acquired the entire SA Corporate holding with effect from 31 January, 2012.

The transaction placed 25.4% of Oryx back into Namibian hands and further ensured that approximately 74% of Oryx are now owned by Namibian investors. According to CEO Stefan de Bruin, the transaction has now entrenched Oryx Properties Limited as a truly Namibian owned entity.

As part of the funding of the purchase consideration, TLP Investments shared their acquisition with other interested investors, with Coronation Fund Managers and Sanlam Namibia Ltd being the major participants.

De Bruin further stated that prior to the sale of the 25.4% stake, 51.8% of Oryx units were in the hands of two major listed property funds in SA, which exposed Oryx to a possible takeover risk. This transaction has resulted that Oryx is now in the hands of minorities, predominantly Namibian. Furthermore, the transaction has increased the unit price from 1 152 cpu to 1 320 cpu, and consequently moved the market price closer to the net asset value, which was reported as 1 474 cpu at yearend 30 June, 2011.