Stimulus Investments Limited has announced that it has concluded a transaction whereby it has made an investment in Cymot Investments (Pty) Ltd. Cymot is a Namibian company, operating on a wholesale and retail basis throughout Namibia via an extensive, country-wide branch network. Stimulus has entered into this transaction in partnership with Libolly Haufiku and Wilhelm Shali, through the acquisition of 25.1% of the total issued ordinary share capital of Cymot. The Theissen family and the management team will retain the remaining 74.9% of the ordinary shares. Says Monica Kalondo, the Managing Director of Stimulus Private Equity: “Cymot is a wholly-owned Namibian business and the infusion of broad-based BEE equity ownership confirms Cymot as a truly Namibian business with high growth prospects.” According to Kalondo, it was the hands-on involvement of the senior and middle management team and the fact that Cymot has such a diverse product line that attracted Stimulus. Haufiku, a member of the BEE consortium comprising Stimulus, concurred with this view and had this to add: “The combination of Stimulus, which is a broad-based BEE company, Shali and myself is a partnership best geared towards enabling Cymot to remain a market leader in the sphere in which it operates and enhance its credentials as a blue-chip Namibian business.” Axel Theissen, Managing Director of Cymot, said: “We are very encouraged with the manner in which our BEE partners have gone about effecting this transaction. It was always our intention to ensure that our BEE transaction be meaningful and sincere and contain a good mix of strategic assistance as well as knowing that the benefits derived from our transaction flow as widely and as broad-based as possible. This transaction makes Cymot the only empowered Namibian business in many of the markets in which we operate. The collective expertise of the consortium, its BEE credentials and the injection of fresh capital will enable Cymot to enhance its future growth strategy.” Cymot Namibia started trading in 1948 as a subsidiary of Cymot SA. Cymot Namibia became wholly Namibian owned during 1986, whereafter the company grew strongly and opened various branches. Current operations of Cymot entail: – Wholesale and retail of motor spares and accessories, as well automotive refinish products and Castrol lubricants (MIDAS); – Camping, hiking and outdoor equipment, fishing tackle and cycles (GREENSPORT); – Workshop equipment and tools (TOOLTECH); and – Personal protective equipment (NAMSAFE). A new operation, Lubrication Solutions, trading as Namlube, has also been added which acts as a distributor for BP lubricant products for their BP and Castrol brands. Products are distributed nationally through either the Cymot branch network or via direct supplies to country customers.
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