The Namibia Stock Exchange (NSX) has approved Alpha Namibia Industries Renewable Power Limited’s (ANIREP) application to be admitted on the NSX Main Board.
The reclassification from a Capital Pool Company to the NSX Main Board shall be effective 01 October 2020.
“The Board is pleased to announce to shareholders that an application to be admitted to the NSX Main Board, on finalization of the acquisition of majority shareholdings in two viable assets, has been approved,” the company said.
“We have been advised by the NSX that ANIREP will be included in the FTSE NSX Index Series as of the 3rd week of December 2020, in the sector:7000 Utilities:7530Electricity: 7537 Alternative Electricity.”
The admission of ANIREP comes after it completed the acquisition of stakes in two renewable projects energy in Namibia and the business now consists of two established solar PV grid connected utility plants of 10MW with sustainable long-term cash flows and the leading EPC O&M Contractor for solar PV, having installed about 100MW of the 150MW solar PV installed in Namibia.
“The admission to the main board, on the back of the viable assets acquisitions, will undoubtedly differentiate ANIREP on its journey to becoming a significant clean energy utility with solid sustainable cash flows, and will facilitate further allocation of capital by investors.”
ANIREP’s investments come amid increased potential in the country’s energy sector, which it says has the ability to give a sound investment return for its investors.
ANIREP was listed on the NSX development board last year September, becoming the second Capital Pool Company (CPC) and the first Alternative Electricity Company on the bourse.
The company successfully raised more than N$110 million from its targeted of N$250 million from institutional and retail investors via a private placement process.
ANIREP is a company initiated by three major players in the industry. They are Tulive Private Equity an Infrastructural fund manager, Jordaan Oosthuysen Nangolo a construction project cost and management consultant, EMCON PSE Consultants an engineering consultant and Doranova Oy a Finland based biogas and soil remediation Engineering Procuring and Construction company.