Disbanding NPTH to review investment portfolio

 

The Namibia Post and Telecom Holdings (NPTH), which is in the process of being disbanded, is reviewing its investment portfolio.
But officials say there is nothing sinister in the review as the company is expected to be operational for some time.
In May, it was announced that the NPTH, which is the mother company of Telecom Namibia, MTC Namibia and NamPost, would be dismantled.

Timeline Uncertain

NPTH chairperson Ally Angula said in an interview that although the group was in the process of winding up, this could not stop the day-to-day running of the group as it is not known how long the process to wind up will take.
The call for expressions of interest to review the investment portfolio closed on 25 August. The Namibian could not obtain the company’s total asset base as documents were not available yesterday.

Angula could not give the total asset base but said the information was contained in the NPTH annual report.
However, Antoinette McKay, who is the acting CEO of NPTH, was reluctant to give The Namibian a copy of the annual report at one time questioning the relevance of the report to the review of the investment portfolio.
Minister of information and communication technology, Tjekero Tweya said in an interview yesterday that the NPTH can still invest until the process to disband is completed.

“The board is preoccupied with many things and the review of its investment portfolio is one of them,” he said.
Asked when the government would dispose its assets in MTC Namibia, Tweya said he had not decided yet. “ I have not decided, I will come back to you, when I am ready.”
In May, Tweya urged the NPTH’s board of directors to fast-track the implementation of the Cabinet decision to dismantle the company.
In July 2014, Cabinet resolved to dissolve NPTH and redistribute its properties and liabilities.
Tweya said the five members of the board had been tasked with professionally dismantling the company and distributing its properties. The board is made up of Angula, Henning Seelenbinder, Johnny Smith, Leilanie Hochobeb and Lena Kangandjera.

Last Appointment

“I hope this is your last appointment. You have an extra task to do – implementing the Cabinet decision on dissolving NPTH,” he said at that time.

Tweya directed the board to “unbundle the NPTH professionally and peacefully, without endangering the company’s activities.”
“Do not wait for two years, do it as fast as you can. Bathe the baby and throw away the dirty water, but do not throw away the baby with the dirty water,” he said.

Cabinet has directed the task team to dissolve the NPTH within two years up to 2017.

NPTH was registered in 1992 and owns the group’s land and buildings, which are let to its subsidiaries. The activities of the subsidiary companies are the rendering of postal and banking services (NamPost), and telecommunications and information communication technology services (Telecom and MTC).

– The Namibian

 
 
 

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