The local market was quiet this week, with the NSX Local index down 0.1% at 601, and the NSX Overall Index up 0.14% at 1258.
As at 11 February, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 9.8 billion, followed by FirstRand Namibia with N$ 9 billion, Capricorn Investment Group with N$ 7.8 billion, and Trustco Group with N$ 6.3 billion.
In terms of volume FirstRand Namibia lead the market with N$ 926 thousand worth of shares traded, with standard Bank Namibia Holdings in second place with N$ 413 thousand worth of shares traded.
The local currency lost 0.15% against the US Dollar, to close at N$ 14.81 per USD, and gained 0.47% against the British Pound, to close at N$ 19.18 per GBP. It closed at N$ 16.17 against the Euro, a gain of 0.98%.
Trustco Property Holdings Ltd, a subsidiary of Trustco Group Holdings Ltd, sold the Herboths Property Development Company to Constantia Risk and Insurance Holdings Ltd for N$ 1 billion.
The purchase price will be settled with a combination of cash (N$ 50 million) and shares in Constantia (N$ 950 million).
Herboths Property Development Company is the holder of the property described as the remainder of the Farm Herboths No.485, situated in the Settlement Area of Kapps Farm in the Windhoek District, Khomas Region, Namibia, measuring 2 605 hectares and to be known as the Herboths Blick Township.
Constantia offers a range of niche insurance and risk management solutions in South Africa, and operates both in the short term and long term insurance markets.
Constantia also enters into a property services and management agreement, by which Trustco Properties will continue to develop Herboths including planning, registration as a township, subdivision and servicing of the property via the installation of internal service infrastructure including, water, roads, sewerage, drainage and electricity connections and ultimately the sale of the residential and business erven to third party purchasers.