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Paratus Namibia raises capital through rights issue

Paratus Africa CEO Barney Harmse said that the company continues to show a strong growth profile despite the challenging economic environment in Namibia. (Image source: Paratus Africa)

Paratus Namibia has raised US$3.41mn to continue with its infrastructure rollout in Namibia

As part of a rights issue transaction, Nimbus Infrastructure Limited has subscribed for 24,398 ordinary shares to be issued from the authorised shares of Paratus Namibia.

The aggregate amount to be raised by Paratus Namibia in terms of the rights issue will be contributed as share capital in Paratus Namibia by Nimbus and Paratus Group, pro rata to their respective shareholdings in Paratus Namibia. Nimbus’s shareholding in Paratus Namibia will remain unchanged at 51.4 per cent.

Paratus Namibia continues to invest aggressively in telecommunications infrastructure including urban fiber infrastructure and 4G LTE connectivity infrastructure in major Namibian towns and cities, decreasing reliance on third-party service providers, capturing costs in the process and creating increased opportunity for leveraged profitability in future.

Paratus Africa CEO Barney Harmse said that the company continues to show a strong growth profile despite the challenging economic environment in Namibia. “The board of Paratus Namibia approved a capital expenditure budget of US$7.77mn for the current financial year with US$3.85mn earmarked for the fiber to the x (FTTx) roll out and US$1.66mn for LTE network assets.”

Harmse is confident that Paratus Namibia can fund its budgeted capital outlay from its free cash flows and the rights issue proceeds.

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