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Pension fund to raise Capricorn Investment stake to 26%

The Namibian Government Institutions Pension Fund, or GIPF, will acquire a 25% stake in Capricorn Investment Group Ltd., raising its shareholding in the company to 26%.

Specifically, GIPF will acquire a 15.5% stake in Capricorn Investment Group from majority shareholder Capricorn Investment Holdings Ltd. and a further 9.5% shareholding from Namibia Strategic Investments (Pty.) Ltd. for a total consideration of more than 2 billion Namibian dollars. GIPF will become the second-largest shareholder in Capricorn Investment Group, while Capricorn Investment Holdings' stake will drop to 40.5% from 56.0%.

GIPF is offering immediate long-term senior debt funding of 1.3 billion dollars to the group as part of the transaction, while Capricorn Investment Holdings will also make a long-term funding of 900 million dollars available.

The transaction was facilitated by Capricorn Investment Holdings and is subject to regulatory approvals and "conditions precedent that are normal for a transaction of this nature."

As of March 24, US$1 was equivalent to 12.47 Namibian dollars.