Tradehold plans NSX private placement

Ogone Tlhage - Steinhoff-affiliated Tradehold Limited is set to list on the Namibia Stock Exchange (NSX) on 7 March through a private placement, the company announced in a notice via the Johannesburg Stock Exchange’s news service.The anticipated listing, which was approved by the NSX in principle, will see Tradehold subsidiary Frontier Property Fund raise N$400 million to fund planned acquisitions in the property space, with an option to increase this amount by a further N$200 million.This brings to fruition Tradehold’s long-term ambition to list on Africa’s second biggest stock market by market capitalisation. Tradehold had first voiced its intent to list on the NSX in June 2015.Although a number of conditions have to be met before the listing can go ahead, Tradehold has said that its application to list had been approved.“The Namibia Stock Exchange has approved the listing and the consent of the Namibia Competition Commission has been obtained,” Tradehold said in a statement.Speaking to NSX CEO Tiaan Bazuin on the matter, he said that Tradehold’s affiliation to Steinhoff, which has been in the eye of an accounting scandal, should not necessarily affect its listing.“Any listing is measured on its own merits. So if the application qualifies under the objective criteria set for a listing then it would be approved. The listing process does not take a view on the shareholders,” Bazuin said.Larger investment poolTradehold joint CEO Friedrich Esterhuyse said its listing was good for the local capital market as it would mean a larger investment pool.“We have been looking at listing on the NSX, however it's not critical or urgent. We have been talking about it for some time. It will be good to create an asset class for local investors. It creates a vehicle that Namibians can invest in, the other reason is to raise capital,” said Esterhuyse.According to him, talks have been held with local stockbrokers and it seems that IJG Securities may sponsor the potential listing of Tradehold on the Windhoek bourse. “We have held informal discussions with the NSX and local stockbrokers, we are very interested. We have been talking to IJG Securities,” said Esterhuyse.“We think it would be a good story for Namibia, [listing] is something we are seriously considering,” Esterhuyse said in a brief telephonic interview with Namibian Sun in June 2017.Tradehold’s subsidiary business, Frontier Property Fund, is behind the development of the Mega Lifestyle Centre in Windhoek’s Kleine Kuppe suburb as well as the Steps development which houses the new Virgin Active Mall and recently completed Town Lodge hotel, also in the same suburb as its other development.Tradehold subsidiary Frontier Property Fund operates the Mega Lifestyle centre in Windhoek’s Kleine Kuppe.

Tradehold plans NSX private placement

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