Bidvest Namibia share-offer oversubscribed
Bidvest Namibia, the commercial services and fishing business, announced late last week that its public offer of 50 719 000 ordinary shares had been oversubscribed. Applications for 54 809 716 shares came in from 676 applicants.
The public offer meets all requirements for a listing on the Namibian Stock Exchange (NSX) and NSX approval has now been received, said Bidvest Namibia chief executive officer Sebby Kankondi.
He added: “This is a hugely successful offer and meets all our expectations. Though the offer was over-subscribed, we ensured that all applications by individuals were met in full. Institutions were allocated an average of 95% of the shares they applied for.”
The successful listing clears the way for a public listing on the NSX with effect from the start of trading on Monday, 26 October 2009. At listing there will be a free-float of 32,4% of Bidvest Namibia shares.
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