Stimulus asset value grows 9%

Private equity firm Stimulus Investments, a company listed on the Namibian Stock Exchange that owns stakes in several well-known local businesses Cymot, Neo Paints and Walvisbay Stevedoring has had a quieter but still solid year.

The value of each of its preference shares rose to N$176.24 by the end of February 2026, up from N$165.31 a year earlier. Think of this as the price tag on each slice of the company. and that price tag kept climbing.

The money Stimulus received from those businesses, in the form of dividends, which are regular profit payouts, jumped 45% to N$36.4 million. That is a significant increase and reflects how well the underlying businesses are performing.

The company also had its portfolio of investments independently valued, and that valuation produced a gain of N$64 million, meaning the businesses Stimulus owns are worth more than they were a year ago. That gain was lower than the N$97.7 million recorded the previous year, but still points to continued growth.

One of the more notable moves during the year was a decision to sell small stakes in two of its businesses, Cymot and Walvisbay Stevedoring, to the workers at those companies, through structures called employee share trusts. In simple terms, staff at those firms now have a share of ownership in the businesses they work for, which the company said was aimed at broadening participation and securing long-term management.

Stimulus spent N$5 million on new investments during the year, a step down from N$10 million the year before.

After paying out dividends to shareholders, the value per share will drop slightly to N$171.37. The preference shares are set to be redeemed, effectively bought back, on 27 February 2032, though directors have the option to do so earlier if they choose.