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Nimbus acquires stake in Paratus Africa

Nimbus acquires stake in Paratus Africa

Paratus CEO says company plans to invest over N$150 million on infrastructure, the bulk of which will be invested in fibre.

Paratus, described as the largest privately owned Pan African telecoms operator and based in Windhoek, has announced that Nimbus Infrastructure Limited has acquired a 26.5% stake in its Namibian operation for an amount of N$95-million.

Nimbus Infrastructure is a Capital Pool company jointly managed by Paratus and Cirrus Capital with the objective of pursuing investments in the ICT sector in sub-Saharan Africa.

Nimbus listed on the Namibia Stock Exchange in early October 2017 via a private placement of shares, raising more than N$100 million.

At the time the company added that it had signed a management agreement with Paratus Namibia, whereby Paratus will manage the investments made by Nimbus.

In a statement issued by Paratus Africa, Nimbus is said to have acquired 8% of the issued share capital in Paratus for a cash payment of N$20-million and the balance of N$75-million in shares.

Paratus states that it delivers products and services to 22 African countries and has fully licensed and operational offices in Namibia, Angola, Botswana, Mozambique, Zambia and South Africa.

"This transaction allows huge potential growth for both Namibian entities to grow beyond Namibia's border," reads the statement.

Paratus CEO Barney Harmse is excited about on-boarding Nimbus as an equity partner, broadening the company's capital base and enabling its aggressive expansion plans and infrastructure rollout.

Harmse reiterated the company's plan to invest over N$150m on infrastructure in Namibia over the next three years. "Of which N$100-million will be invested in fibre infrastructure."

Nimbus CEO Schalk Erasmus says with the Nimbus listing on the Namibian Stock Exchange, the company deepened the Namibian capital markets. "This will allow the Namibian savings pool to diversify its exposure into the internet, communication and technology space, a sector which to date has not yet been on the NSX."

"Nimbus intends to raise further capital in the Namibian markets to leverage off ICT opportunities in Sub-Sahara Africa," he concludes.

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