MTC operationally sound – Nashilongo
With the government's planned purchase of a 34% stake in MTC stil pending, the exit of Portuguese duo Miguel Geraldes and Carlos Malab is not cause for concern as far as the operations of MTC are concerned, according to its board chairperson, Elvis Nashilongo.
Geraldes served as MTC managing director for about nine years, while Malab is the outgoing chief technical officer.
Speaking to Namibian Sun, Nashilongo said: “With regard to the resignation of the managing director, what has happened is that the former managing director's term had come to an end. His departure will have no bearing on the operations of MTC. Rest assured that the board and management have everything in place.”
Asked to comment on the intended purchase by government, he said: “It is very dangerous to comment on shareholder matters. I would like to concentrate more on the operations of the company.”
Asked about operational matters, Nashilongo shied away, saying: “Look, it is very dangerous to comment on things that may still happen. It would be dangerous to talk about inside matters with the media. Our strategy to grow the business remains in place. The future of MTC looks much brighter than it has ever been in its history.”
In a memo seen by Namibian Sun this week, MTC said: “The managing director Mr Miguel Geraldes's employment contract has come to a natural end. Mr Thinus Smit has been appointed as acting CEO in the interim until such a time that a permanent appointment is made.”
Following the announcement of the intended purchase by information minister Tjekero Tweya in December 2016, it appears that progress on the acquisition has been slow.
Namibia Post and Telecommunications board chairperson Ally Angula told Namibian Sun that nothing had happened yet. “We have not yet finalised the [purchase of MTC], nor have we approached a financier.”
Finance minister Calle Schlettwein addressed the issue of MTC's acquisition in December 2016, saying if the Government Institutions Pension Fund were to finance the deal, the 34% stake would be warehoused by the fund.
“The shares will be warehoused by the GIPF. MTC is a well-managed company,” he said, alluding to the government's liquidity problems.
The minister of public enterprises, Leon Jooste, said regarding the planned purchase: “Options have not been finalised on how to finance this transaction, obviously you can go to the commercial banks or whatever, with the GIPF being an option.”
Tweya announced the government's intention to purchase the remaining 34% stake held in MTC early in December. He said at the time: “The government, through NPTH, reserves the right to retain ownership of the full 100% of MTC until further approval by cabinet.”
Some 66% of MTC is currently held by the government through telecommunications holding company NPTH. The remaining 34% stake has changed hands several times, starting with Swedish-backed entities Telia and Swefund.
In 2006, Portugal Telecom purchased the 34% stake in MTC. PT has also exited, making way for Brazilian firm SAMBA.
Geraldes served as MTC managing director for about nine years, while Malab is the outgoing chief technical officer.
Speaking to Namibian Sun, Nashilongo said: “With regard to the resignation of the managing director, what has happened is that the former managing director's term had come to an end. His departure will have no bearing on the operations of MTC. Rest assured that the board and management have everything in place.”
Asked to comment on the intended purchase by government, he said: “It is very dangerous to comment on shareholder matters. I would like to concentrate more on the operations of the company.”
Asked about operational matters, Nashilongo shied away, saying: “Look, it is very dangerous to comment on things that may still happen. It would be dangerous to talk about inside matters with the media. Our strategy to grow the business remains in place. The future of MTC looks much brighter than it has ever been in its history.”
In a memo seen by Namibian Sun this week, MTC said: “The managing director Mr Miguel Geraldes's employment contract has come to a natural end. Mr Thinus Smit has been appointed as acting CEO in the interim until such a time that a permanent appointment is made.”
Following the announcement of the intended purchase by information minister Tjekero Tweya in December 2016, it appears that progress on the acquisition has been slow.
Namibia Post and Telecommunications board chairperson Ally Angula told Namibian Sun that nothing had happened yet. “We have not yet finalised the [purchase of MTC], nor have we approached a financier.”
Finance minister Calle Schlettwein addressed the issue of MTC's acquisition in December 2016, saying if the Government Institutions Pension Fund were to finance the deal, the 34% stake would be warehoused by the fund.
“The shares will be warehoused by the GIPF. MTC is a well-managed company,” he said, alluding to the government's liquidity problems.
The minister of public enterprises, Leon Jooste, said regarding the planned purchase: “Options have not been finalised on how to finance this transaction, obviously you can go to the commercial banks or whatever, with the GIPF being an option.”
Tweya announced the government's intention to purchase the remaining 34% stake held in MTC early in December. He said at the time: “The government, through NPTH, reserves the right to retain ownership of the full 100% of MTC until further approval by cabinet.”
Some 66% of MTC is currently held by the government through telecommunications holding company NPTH. The remaining 34% stake has changed hands several times, starting with Swedish-backed entities Telia and Swefund.
In 2006, Portugal Telecom purchased the 34% stake in MTC. PT has also exited, making way for Brazilian firm SAMBA.
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