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Walvis Bay Shipyard Shareholding Restructured

14 May 2018

The management of Elgin Brown & Hamer Namibia (EBHN), together with new minority shareholder the Elgin Brown & Hamer Consortium (EBHC) has confirmed today that a share transfer agreement has been concluded.

In terms thereof, 100% of the shares held in EBHN by former shareholder the DCD Group were transferred to EBHC, a group comprised of prominent Namibian business leaders.

As a result, the 47,5% shareholding held by EBHC is now effectively in the hands of Namibian-owned companies. As of Monday 2 April 2018, the DCD Group relinquished all shareholding in EBHN.

The National Ports Authority of Namibia (NAMPORT) remains the majority shareholder (52.5%) and EBHN’s joint management agreement remains unchanged.

Over many years, EBHN has acquired a wealth of experience in the marine engineering and maintenance industry, servicing the local and international maritime and offshore oil and gas sectors. The share transfer to the EBHC makes good strategic sense, as synergies generated by a combination of the expertise of the new shareholder with the existing core strengths of EBHN, will unlock further advances in effective and efficient service delivery going forward. This will ensure EBHN’s strong competitive advantage, resulting in sustainable growth and greater value for the company and its shareholders.

Since its founding in 2006, EBHN has made a very significant contribution to the Namibian economy, with a downstream impact in the region of more than N$ 8 Billion. EBHN will therefore continue to empower and develop its employees and –  through this highly motivated and skilled workforce – will deliver unmatched service to clients at all times; while remaining globally competitive, and retaining its position as the preferred shipyard on the west coast of Africa.

EBHN proudly welcomes its new shareholder the EBHC, and looks forward to working synergistically with the Consortium; and to benefiting from its extensive experience and expertise, for the greater long-term benefit of all the company’s valued internal and external stakeholders moving forward.

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