NPTH to be dismantled by 2025
Holding company ‘in good shape’
The board chairperson expressed satisfaction at NPTH's subsidiaries' performance, saying they were consistently investing back to the state – to the tune of N$831 million in total.
Namibia Post and Telecommunications Holdings (NPTH) is set to be dismantled by December 2024, while a consultant will be appointed in due course to assist its board, its board chairperson Sencia Kaizemi-Rukata said.
In July 2014, Cabinet resolved to dissolve NPTH and redistribute its properties and liabilities among its subsidiaries, Telecom Namibia, MTC and NamPost.
“We are looking at dismantling the company by December 2024. Work is underway,” Kaizemi-Rukata said at an annual general meeting.
She also expressed satisfaction at the performance of the holding company’s subsidiaries, saying they were consistently investing back to the state.
According to her, MTC had paid N$542 million in dividends to the state while its sister company Telecom Namibia paid over N$289 million.
The holding company was also in good shape, making profit of N$730 million at company level and registering a profit of N$953 million at group level.
NamPost profits a concern
She, however, expressed worry that NamPost’s profits had become redundant because of its reliance on postal services, but said a consultant would be roped in to look at postal operator’s business plan.
Overall, the group held assets worth N$15 billion while it had in its ownership over 123 properties.
The group, however, still has to make a decision over unsold MTC shares following its listing in November 2021.
NPTH could only dispose of 40% of its shareholding in MTC out of an allocated 49%. The annual general meeting however resolved to discuss what it intended to do with the remaining shareholding in MTC - either retain it or sell to the market - with no final decision having been made.
In July 2014, Cabinet resolved to dissolve NPTH and redistribute its properties and liabilities among its subsidiaries, Telecom Namibia, MTC and NamPost.
“We are looking at dismantling the company by December 2024. Work is underway,” Kaizemi-Rukata said at an annual general meeting.
She also expressed satisfaction at the performance of the holding company’s subsidiaries, saying they were consistently investing back to the state.
According to her, MTC had paid N$542 million in dividends to the state while its sister company Telecom Namibia paid over N$289 million.
The holding company was also in good shape, making profit of N$730 million at company level and registering a profit of N$953 million at group level.
NamPost profits a concern
She, however, expressed worry that NamPost’s profits had become redundant because of its reliance on postal services, but said a consultant would be roped in to look at postal operator’s business plan.
Overall, the group held assets worth N$15 billion while it had in its ownership over 123 properties.
The group, however, still has to make a decision over unsold MTC shares following its listing in November 2021.
NPTH could only dispose of 40% of its shareholding in MTC out of an allocated 49%. The annual general meeting however resolved to discuss what it intended to do with the remaining shareholding in MTC - either retain it or sell to the market - with no final decision having been made.
Comments
Namibian Sun
No comments have been left on this article