NAMITVEST Investment Holdings and Swakop Uranium have entered into a groundbreaking payroll deduction agreement that allows mineworkers to invest in shares, promoting the creation of generational wealth.
The agreement, signed last Thursday at Husab Towers in Swakopmund, marks the introduction of NAMITVEST’s first large-scale payroll deduction system.This initiative will enable employees to acquire shares valued between N$15,000 and N$25,000 through automatic salary deductions.
NAMITVEST, owned by current and former members of the Mineworkers Union of Namibia (MUN), holds a 25% stake in the Namibia Mineworkers Investment Holdings Company (Pty) Ltd (NAM-MIC Holdings).
According to Monasa Advisory & Associates, the transactional advisors and management firm for NAMITVEST, the primary aim of the agreement is to streamline the process for employees to invest in NAMITVEST shares via payroll deductions.
Through this arrangement, Swakop Uranium employees will seamlessly purchase shares, with the mine overseeing the collection process on behalf of NAMITVEST.
This eliminates the need for manual payments and simplifies the investment process for workers.
The initiative is set to benefit both MUN members and ex-members, as well as their dependents.
“Employees will now have the opportunity to invest in JTT Public Company’s success, fostering a sense of ownership and alignment with the company’s objectives,” a statement from the companies said.
NAM-MIC Holdings has diverse investments across sectors including financial services, banking, mining, health, tourism, hospitality, and property.
Its portfolio includes stakes in companies such as Capricorn, Sanlam, Santam, Avis, Gondwana, B2Gold, and Walvis Bay Salt.
Jason Kasuto, principal officer of NAMITVEST, highlighted that the technical structure of the agreement offers a seamless, transparent, and sustainable investment mechanism benefiting all stakeholders, including employees, the employer, and the broader investment community.
“The Payroll Deduction System allows employees to invest in shares through a structured salary deduction facility, ensuring consistent and secure contributions without imposing financial strain,” Kasuto explained.He emphasised that the initiative empowers employees to transition from wage earners to shareholders, promoting a sense of ownership and engagement with the company’s long-term success.
“It ensures financial security through asset accumulation and investment returns,” he added.
Swakop Uranium’s vice president, Patrick Chizabulyo, praised the initiative, noting its potential to help employees and their families build wealth through investments in NAMITVEST.
“We support and welcome this initiative because we see value creation for the members of the Mineworkers Union who are our employees,” Chizabulyo said.
Paul Smokey, director of NAMITVEST, said the initiative prioritises financial inclusion, stability, and long-term growth for employees.
“The discussions leading to this milestone were rooted in a desire to create an investment model that benefits not only workers but also the broader economic landscape,” Smokey said.
To date, NAMITVEST, through JTT Public Company, has received over 1,500 shareholder applications from MUN members and ex-members.
