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Old Mutual unveils BEE deal in Namibia

Old Mutual has unveiled its much anticipated black economic empowerment (BEE) transaction in Namibia which will result in a broad range of black stakeholders acquiring direct ownership of N$308-million of the Old Mutual Group's Namibian businesses. The transaction incorporates three separate but interdependent BEE transactions for the group subsidiaries in Namibia, namely Old Mutual Namibia, Nedbank Namibia and Mutual & Federal Namibia..."This is not only the largest BEE deal ever undertaken in Namibia, but also the most broadly-based. The benefits of the transaction will enhance the lives of tens of thousands of Namibians across the country both directly and indirectly," said Johannes !Gawaxab, the managing director of African operations at Old Mutual.