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Namibia: Mineworkers Union to Invest in Venture Capital Fund

THE Mineworkers Union of Namibia (MUN) will capitalise on 25% share ownership in their investment vehicle Nammic to invest in a venture capital that will earn its members additional income and shield them further from job losses.

Union president Eben Zarondo announced last Friday that they have initiated a just transition plan (JTI) aimed at addressing adversities faced by their members, accompanied by job losses during economic downturns.

The estimated value of the MUN shares in the Namibian Mineworkers Investment Holding Company (Nammic) is in the region of N$130 million.

Zarondo said the JTI is their long-term strategic plan, which involves transferring its 25% stake in Nammic to a special purpose vehicle (SPV), which is held directly by the mineworkers, who are members and ex-members.

MUN intends to invest into a venture capital fund (VCF), whose sole focus will be investing in high-growth companies which are climate change-aware and keeping up with fourth Industrial Revolution solutions.

Venture capital funds/investments seek private equity stakes in start-up and small to medium-sized enterprises with strong growth potential.

These investments are generally classified as high-risk/high-return opportunities.


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