Republic of Namibia
9
Annotated Statutes
Posts and Telecommunications Companies Establishment Act 17 of 1992
as may, subject to the provisions of subsection (2), be determined by the Minister with the
concurrence of the Minister of Finance.
(2) Should the nominal value plus any premium payable in respect of the number of
shares determined in terms of subsection (1) by the Minister(a)
to be issued in the postal company or in the telecommunications company, be less
than the net asset value of the enterprise concerned, an amount equal to that
difference shall be credited to a loan account in favour of the holding company in
the books of account of the postal company or the telecommunications company,
as the case may be;
(b)
to be issued in the holding company, be less than the aggregate of the net asset
value of the postal enterprise and the telecommunications enterprise plus the net
value of any assets transferred to the holding company by virtue of the provisions
of section 4(4), an amount equal to that difference shall be credited to a loan
account in favour of the State in the books of the holding company.
(3) Any loan account created in terms of subsection (2)(a) or (b) shall bear interest at
such rate and be repayable at such time or times and by such instalments as may be determined (a)
in the case of a loan account due to the holding company, by the directors of the
holding company;
(b)
in the case of a loan account due to the State, by the Minister.
(4) The shares issued in terms of subsection (1) shall be allotted and issued at the time
and on the conditions which the Minister, with the concurrence of the Minister of Finance, may
determine.
(5) The shares issued in terms of subsection (1) shall have such nominal value and
shall be issued at such premium, if any, as the Minister, with the concurrence of the Minister of
Finance, may determine and shall be issued as fully paid by the transfer to the successor
company concerned of assets and liabilities with a net asset value equal to the nominal value of
the shares plus any such premium and, if applicable, the amount credited to a loan account
established in terms of subsection (2)(a) or (b).
(6) Any dividends received by the State in respect of shares in the holding company
shall be paid into the State Revenue Fund.
(7) No stamp duty shall be paid by a successor company in respect of the issue of
shares in terms of this Act.
(8) No money shall be paid by a successor company in terms of section 75 of the
Companies Act in respect of any increase in the capital of such company.
(9) The State shall not alienate any shares or rights to shares in the holding company,
and the holding company shall not issue any shares in such company to any person other than
the State.
(10) The holding company shall not alienate any shares or rights to shares in the postal
company or the telecommunications company, and neither of those two companies shall issue
any of its shares to any person other than the holding company.