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SA's Musa Capital acquires Namibia's Swanib Cables

SA's Musa Capital acquires Namibia's Swanib Cables

South African Musa Group has acquired Swanib Cables, a Namibian cable firm involved utilities, infrastructure and telecommunications.

According to the official announcement, the acquisition was done via Musa Capital Namibia, a subsidiary of South African Musa Group. Musa Capital Namibia said it carried out the deal through its Namibian Mid-Cap Fund.

The Namibian Mid-Cap Fund was launched with capital from the Government Institutions Pension Fund (GIPF), and is Musa Group's third African private equity fund.

Registered as investment vehicle and organised as a Trust, the aim of the fund is to make quasi-equity and equity investments in private Namibian companies.

"The acquisition is aligned with the policy objectives of the Government of Namibia and the Public Service Pension Fund for infrastructure investment to stimulate economic growth, job creation and meaningful economic transformation and participation," said Musa Capital Namibia.

Musa Capital said its plans for Swanib Cables is to transform the establishment by building on its many existing businesses. "The transformation project will be supported by other acquisitions under the Namibian Mid-Cap Fund. These new acquisitions will help strengthen Swanib Cables' customer base, product lines and expertise."

The cost of the total acquisition of Swanib Cables by Musa Capital Namibia was not disclosed.

The acquisition process began in June 2017 when Musa Capital Namibia submitted its application to the Namibian Competition Commission for the acquisition of Swanib Cables. The fund to conclude this transaction was provided by GIPF.

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