By: Uaueza Kanguatjivi
The Government Institutions Pension Fund (GIPF) has approached the courts to prevent private equity and fund management company Myrtle Growth Capital from selling shares in the Namibia Mid-Cap Fund Trust, a fund to which GIPF committed N$450 million.
Myrtle Growth is accused of attempting to sell shares in several portfolio companies held by the Mid-Cap Fund Trust as an unlisted investment through a special purpose vehicle, despite ongoing legal proceedings after obtaining a writ of execution.
The affected companies include, Amazing Kids Private School and Academy (Pty) Ltd, 2,057 shares; Chimezi Farming & Enterprises (Pty) Ltd, 1,356 shares and 510 shares; Namibia Cables (Pty) Ltd, 5,700 shares; Swanib Cables (Pty) Ltd, 2,000 shares; Trans Kalahari Group (Pty) Ltd, 90 shares and Greencrisp Farming (Pty) Ltd, 80 shares.
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