|Lets put our money where our mouths are!|
|Thursday, 26 October 2006 10:40|
SOMEBODY once said that when a helicopter landed in a dusty rural village people used to celebrate, ululating, dance and enjoy the spectacle while it lasts. One would have expected such a situation from the ever expectant Namibians to jump on a business deal meant to empower them and chart their own destiny.
The recent listing of Trustco Group International (TGI) is one case in point. Basically, the rational behind the deal was to help empower local Namibians to empower themselves. One would have expected a sort of gold rush but it was utterly amazing to note that some of our fellow country men who have always talked about such and such a company being foreign owned did not move an inch in response to the offer. Here was something put on a silver plate, just like a cake, offered to be shared by all. But it was, as reported, in this paper disappointing to note that Namibian investors who were largely expected to actively participate in the deal, decided to take a back seat and let foreign investors take the leading role. There might have been a lot of positives in having foreign buyers participating in a local deal. It brings in more investment options helping local companies expand ultimately increasing their capacity to employ more people. But the problem comes when people complain about foreign participation when they are not eager to take up opportunities. A couple of experts in investment matters expressed disappointment by the not-so-encouraging response of locals to the recently completed deal. We are not putting forward any particular agenda all we are doing is performing a public duty and interrogate the implications of a deal that had national significance. For lack of a better example we seem as if we are blowing our own trumpet but letting the truth be told, advocates of a local business empowerment might have just missed an opportunity to put their feet where their mouth are.
In the long run, we will have implications of money paid as dividends being taking out of the country. And what does that mean? Lost opportunity to keep money in this country and expand our investment opportunities. From a layman’s point of view if a company is owned 60 percent by foreign investors what it means simply is that come profit sharing time, 60 percent will trot out of the country. And at the end of the day the country stands to lose. So next time we have something of national economic and social significance let us all come forward and vote with our wallets.
|Last Updated on Tuesday, 19 December 2006 09:39|