Jo-Maré Duddy - Mcube Investments One Ltd this morning listed as a capital pool company (CPC) on the Development Board (DevX) of the Namibian Stock Exchange (NSX), joining Anirep.
Mcube was founded in September 2016 as a non-cash entity by John Mandy, a former chief executive officer of the NSX.
In its pre-listing statement, Mcube describes itself as a “holding company formed to undertake at least one reverse takeover in Namibia”.
“After listing, Mcube will pursue an acquisition opportunity and negotiate a merger or purchase agreement to acquire a business,” the company states.
John Mandy is the executive director of Mcube, while Amos Shiyuka is an independent non-executive director and Bryan Mandy a non-executive director.
A CPC is a company which lists and begins trading without an operating business.
Nimbus Infrastructure Ltd in 2017 was the first CPC to list on the NSX. The company has since changed its name to Paratus Namibia Holdings Ltd and has moved from the DevX to the Local Index of the NSX.
Alpha Namibia Industries Renewable Power Ltd (Anirep) in 2019 became the second CPC to list on the NSX and remains on the DevX.