TransNamib property worth N$2.4 billion

TransNamib property worth N$2.4 billion TransNamib says it is has not decided whether any of its assets will be sold.

Cabinet last year approved a request by the company to sell its non-core “unencumbered properties” to generate funds for a new operational and capital expenditure plan.

TransNamib spokesperson Ailly Hangula-Paulino says the company had its portfolio of properties valued at N$2.4 billion as at 31 March 2018.

“The next step in the process is to evaluate all the registered properties with the final output being incorporated into the property strategy.”

According to her the company owns commercial, industrial, operational and residential property.

Works minister John Mutorwa last month announced the cabinet decision during the launch of TransNamib's new Integrated Business Strategic Plan (ISBP) for the period 2018/2019 to 2022/23.

The new plan was approved by cabinet in December last year and requires over N$2 billion to be implemented.

“Part of this business plan allows TransNamib to sell some of its non-core properties in order to support the growth in the business plan for the next five years,” said Hangula-Paulino.

Under the new plan, other SOEs will be given first option to buy TransNamib property.

According to the strategic plan, the railway company will need about 86 locomotives to implement the plan.

“To date, TransNamib is still looking at various options. We have therefore not made any recommendations on wheter any property will be sold and which process will be followed to use the properties as a support for the development of our business plan,” said Hangula-Paulino.

TransNamib is one of the SOEs under the oversight of the works and public enterprises ministries established in terms of the National Transport Services Company Act.

Hangula-Paulino said the company was established to provide and promote transport services in Namibia and elsewhere, by managing, developing and utilising resources and assets at its disposal.

ELLANIE SMIT