Chamwe Kaira
Africa Bitcoin Corporation Limited (formerly Altvest Capital Limited) has reached a new milestone after its subsidiary, the Altvest Credit Opportunities Fund (ACOF), raised N$50 million through a private placement of domestic medium-term notes. The company is listed on the Namibian Stock Exchange.
The notes were issued under ACOF’s N$5 billion domestic medium-term note program. The agreements for the issuance were finalised ahead of the planned listing on the Cape Town Stock Exchange. The notes will mature on 1 December 2032, providing long-term funding stability for ACOF and investors.
Africa Bitcoin Corp., which is listed on JSE, NSX, and OTCQB, said the raise supports its strategy to expand alternative investment opportunities across the continent.
In September, Africa Bitcoin Corporation received approval from the Namibia Securities Exchange for the secondary listing of its ordinary shares and preferred C ordinary shares. The listing became effective on 2 October and allowed Namibian investors to trade both share classes locally for the first time.
Earlier, on 8 September, the company gave an update on its equity capital raise. The offer included up to 1 million ordinary shares at N$11 per share. The issue was open to investors in South Africa and Namibia. The new shares ranked equally with existing ordinary shares, and allocations would be communicated after the offer closed.
The company also launched a capital raise for its Class C shares, offering up to 5.88 million shares at N$3.40 each. Funds from this offer were invested into ACOF, a private credit fund focused on flexible lending to small and medium enterprises. Through this structure, Class C shareholders gained increased economic interest in ACOF.
ACOF has supported more than 1 400 jobs and focuses strongly on financing women-led businesses. The fund expanded into the Namibian market as part of its African growth strategy. Proceeds from the capital raise will be used to support SME growth in South Africa and Namibia, strengthen the fund’s balance sheet and improve its debt-to-equity ratio to unlock more lending capacity.
As of 28 February 2025, ACOF reported net assets of N$38.8 million and a loss after tax of N$12.6 million.
