MUN Launches Shares Scheme for its Members
Instituted with the purpose of protecting and uplifting their member’s lives in order for them to make a meaningful contribution to their communities and Namibia as a whole, the Mine Workers' Union of Namibia has recently launched the sale of 25% of Namibia Miners Investment Trust (NAMIT) Holdings to its members, former members and dependants.
The 25% stake will be held on behalf of the former members, current members and their dependants through Namitvest Investment Holdings (Pty) Ltd, which is owned by the members through Just Transition Trust (JTT).
The units are valued at N$103 million in total and are being sold to union members at 50% of their real market value. According to the MUN president Mayemelo Kalumbu, members can purchase the minimum of 200 units which have a market value of N$2,062, but qualifying members can purchase them for N$1,031.
In fact, Namitvest aims to grow the members' investment, providing them with direct benefits through a loyalty and rewards programme that on-boards retailers and various providers of goods and services, therefore, 10% of the units will be allocated to vulnerable and former members
The union is content in knowing that going forward, its members, former members and their dependants can now own a stake in Nam-mic Holdings through the purchase of its shares.
About the Mineworks Union of Namibia
The Mineworkers Union of Namibia (MUN) is a workers organisation that fights & protects workers interests in the mining & energy sector. We fight protect & represent our members with all labour related matters. We educate workers on their rights & all necessary procedures when seeking workable solutions for grievances. Our members are trained to represent themselves & others in labour disputes. (https://www.mun-na.com/)
About NAM-MIC Holdings
The Namibia Mineworkers Investment Holdings Company (NAM-MIC Holdings) (Pty) Ltd was incorporated on 7th July 1997 when the National Executive Committee of Mineworkers Union of Namibia (MUN) created the Namibia Miners Investment Trust (NAMIT). The main business objective of Nam-mic Holdings is to act as principal investing in movable and immovable property, both corporeal of every description and in particular, patent rights, land, building, shares, stocks, debentures, debenture stock, mortgage and other bonds, obligation and securities of all kinds whether by way of purchase, original subscription, tender, exchange or otherwise. was created to pursue investment opportunities and is wholly owned by the NAMIT after initial capitalization of N$ 600 000.00 from the Trust. The beneficiaries of the Trust are defined as current and ex-mineworkers, energy workers, their dependents and the communities they hail from. (https://nam-mic.com/about/)