Shareholders are advised that Bidvest Namibia has, through wholly owned subsidiaries, acquired the entire issued share capital of International Capital Investments (Pty) Ltd, trading as Novel Motor Company (“Novel Motors”) and Lenkow (Pty) Ltd (which owns the Windhoek showroom and service centre premises from where Novel Motors operates) (“the acquisition”).
Rationale for the acquisition
The acquisition is seen as a continuation of Bidvest Namibia’s objective to broaden its business base and will strengthen the Commercial portfolio. Novel Motors operates two dealerships in Namibia and is the main representative of Ford and the sole representative of Jaguar Land Rover, Volvo and Mazda vehicles in Namibia. Novel Motors offers the sale of new and pre-owned vehicles, financing and insurance products, parts and accessories and after-sales service. It employs almost 200 people.
Consideration
Bidvest Namibia has acquired the shares for a total consideration of N$231.8 million, effective 31 July 2015. The consideration has been funded from internal cash resources.