Windhoek-Stimulus Investments Limited has increased its shareholding in Cymot Investments Limited by 6.4 percent and now holds a 31.5 percent interest in Cymot. The shares came onto the market because of senior management retiring earlier this year.
“In view of transformation and our positive investor relationship with Stimulus over the past 11 years, I am delighted to announce that our BEE status has improved significantly because of the latest transaction,” said CEO of Cymot Axel Theissen.
“We very are proud to be associated with a truly Namibian group, which was founded in 1948 and today is one of the most popular shopping destinations for many Namibians. Stimulus has been involved with the business on a strategic level and has played an instrumental role in Cymot’s growth over the past 11 years.
“We believe that the Cymot shares on offer provide an excellent investment opportunity for Stimulus and we look forward to assisting in taking the group to even greater heights in the years to come,” Josephat Mwatotele, Stimulus director.
“Despite the current economic challenges affecting the broader retail and wholesale sectors the additional investment in Cymot is an indication of our confidence in the business and its management team,” said Mwatotele.
Cymot is a privately owned Namibian company founded in 1948. The Company has grown since then to become a leader in supplying quality products in selected niche markets through its distribution centre and network of 12 branches and agencies within Namibia, as well as in South Africa and Angola.
Cymot is the foremost and most popular shopping destination for many Namibians, as concluded in a recent customer perception survey. The Cymot product range includes over 30,000 articles.