Staff Writer
Oryx Properties Limited says all ordinary resolutions tabled at its annual general meeting (AGM) on 24 November were approved by a majority of linked unitholders, with 89.41% of total unitholders casting votes.
Unitholders unanimously adopted the annual financial statements for the year ended 30 June 2025, approved the remuneration of non-executive directors for the 2026 financial year and endorsed the company’s Remuneration Policy through a non-binding advisory vote. Each resolution received 100% support.
The resolution to reappoint the independent external auditors received 67.03% approval, while authorising directors to determine the auditors’ remuneration was supported by 100% of voters.
Unitholders also voted to re-elect Jenny Comalie, who retired by rotation after 13 years but offered herself for re-election on a year-to-year basis. Her re-election gained 99.14% approval.
In its board update, Oryx said Roswitha Gomachas has retired as a director and as a member of the remuneration, nomination, sustainability and ethics committee, effective the day of the AGM. The board thanked her for six years of service.
Last month, the company said it had factored into its funding strategy the upcoming maturity of a N$248.5 million corporate bond in November. It said discussions with potential investors and arrangers are underway.
Oryx reported a net asset value of N$2.58 billion for the year ended 30 June 2025, down from N$2.77 billion in 2024.
The group had available funding of N$385 million, excluding its Domestic Medium-Term Note Programme of N$251.5 million and ring-fenced facilities of N$154 million for the Maerua Mall development and N$178 million for the Goreangab development.
The directors assessed the company’s ability to continue as a going concern and found it had sufficient resources to meet obligations over the next 12 months.
Debt facilities amounted to N$2.76 billion, with N$448.5 million set to mature within the period. Oryx said it remained confident of refinancing these on favourable terms.
During the year, Oryx acquired Safari Investments Namibia (Pty) Ltd, the owner of the Platz am Meer shopping centre in Swakopmund.
The acquisition was funded through external financing and added to the group’s asset base and long-term rental income potential. No disposals were recorded.
The carrying value of investment properties stood at N$4.6 billion for the group and N$733 million for the company. Due to changes in fair value, the group made N$98.6 million while the company lost N$25.3 million.
The group reported a deferred tax expense of N$278.4 million and a current tax expense of N$5.8 million, compared to N$18.9 million and N$1.6 million, respectively, in 2024.
Caption
Oryx Properties is busy with the Goreangab Mall development, a first-of-its-kind project in the Katutura area scheduled for completion in May 2026.
- Photo: Contributed
