STANDARD BANK NAMIBIA LIMITED - Voluntary Announcement Update - Standard Bank Namibia

Voluntary Announcement Update - Standard Bank Namibia

Standard Bank Namibia Limited
Registration No. 2006/306
Registered in Namibia
(“SBN Holdings Limited”)
Issuer code: SBN02 ISIN no.: ZAG000178419
Issuer code: SBN03 ISIN no.: ZAG000178427




VOLUNTARY ANNOUNCEMENT


Shareholders are referred to the voluntary announcement dated 6 April 2022 where SBN Holdings Ltd advised
shareholders that Standard Bank Namibia Limited (Standard Bank), a 100% owned subsidiary of SBN Holdings Limited
(the Company), had entered into negotiations.

With regard to these negotiations Shareholders are hereby advised that Standard Bank Namibia Limited
signed a Share Acquisition Agreement (“SAA”) with Spearmint Investments (Pty) Ltd (“Spearmint”), each of
the property-owning entities and related shareholders, as a debt settlement transaction to reduce non-
performing loans. Spearmint is a 100% owned subsidiary of Standard Bank Namibia Limited and will own
100% of the total issued share capital of all the property-owning entities related to the negotiations. All the
conditions precedent to the SAA have been fulfilled and the acquisition of the property-owning entities has
become unconditional and effective from 3 August 2022. The transaction will have no impact on the profit
after tax, net cash flow and total assets. Subsequent to the effective date the sale of these property-owning
entities might have an impact on the financial results, financial position and cash flow of Standard Bank and
the Company. Regulatory approvals from the Bank of Namibia, Namibia Competition Commission and the
South African Reserve Bank have been obtained.


6 September 2022

Registered Office

1 Chasie Street, Windhoek, Namibia



AUDITORS

PricewaterhouseCoopers, 344 Independence Avenue, Windhoek, Namibia.


BOARD OF DIRECTORS:

HERBERT MAIER (CHAIRMAN)

ISAC TJOMBONDE

JERRY MUADINOHAMBA

PETER SCHLEBUSCH

NATASHA BASSINGTHWAIGHTE

BIRGIT ROSSOUW
MARIA SHIVUTE DAX

ALPHEUS MANGALE

MERCIA GEISES

LETITEA DU PLESSIS



DEBT SPONSOR IN SOUTH AFRICA

Standard Bank of South Africa Limited

Date: 06-09-2022 11:20:00
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