First Agra Shares Traded

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The trading of Agra Limited shares has commenced and according to the latest OTC Market report, just over 1,2 million shares have been traded for a total of N$1 761 438, averaging a price of N$1,46 per share. The OTC Market of Namibia is an over the counter market service administered by the Namibian Stock Exchange (NSX). Agra is the first unlisted public company to be quoted on the OTC Market. According to Tiaan Bazuin, CEO of the NSX, “We see the OTC Market of Namibia as a stepping stone for companies to come and list on the NSX Main Board. The biggest benefit it provides to the shareholders is a form of price discovery, while the company has to adhere to a lower level of disclosure and oversight than a listed entity.”

Tiaan Bazuin, CEO of NSX and Peter Kazmaier, CEO of Agra, at the
information board of the over the counter market.

Agra EXCO members with Tiaan Bazuin, CEO of the Namibian
Stock Exchange, at the NSX offices. From left: Griffort Beukes (Senior
manager, HR); Henning Tiemann (Senior manager, Properties and Business
Development); Tiaan Bazuin; Peter Kazmaier (CEO) and Flip de Bruyn (General
manager, Finance)

The conversion of Agra from a co-operative to a public company makes shares transferable and, other than in the co-operative, persons or organizations who are not farmers, can now also buy shares in Agra.

A number of Agra shareholders have collected their share certificates since the road show to all the Agra branches soon after the conversion, but a large number of the share certificates still need to be collected from Agra’s head office.  Members need to collect their share certificates in person, showing their original identity document or driver’s license and required documentation in case of a company or closed corporation. In communication to current shareholders, Agra explained the shares trading procedures, which should occur through the shareholders’ own stockbrokers.

                                                                                                                        

Agra has grown since its foundation in 1980, to a major role player in agriculture. The latest annual turnover amounted to N$1,8 billion, resulting In a net profit after taxation as per Agra’s audited Annual Financial Statements of N$31 million  for the 2011/2012 financial year. Agra is the only business which provides a one-stop shopping experience to the farming community, by providing all input products necessary for farming, a full scale livestock marketing and technical service to producers as well as advice and training via its Professional Services division. Agra is a Namibian company owned by over 4500 Namibian Shareholders and employs almost 600 Namibians.

 “The conversion to a public company provides an incentive to shareholders to support the business of Agra, thereby increasing the value of their investment and shareholders and more involvement will be forthcoming from shareholders as their investment increases,” said Peter Kazmaier, CEO of Agra. “Agra Limited under its new dispensation will continue to be part of and play an important role in the agricultural and other sectors by contributing towards the socio-economic quality of life in Namibia; creating conditions for people to succeed and building successful businesses,” said Kazmaier.

Issued By:                                          Albé Snyman

                                                            Officer: Communications

                                                            Agra (Co-operative) Limited

                                                            Tel:      (061) 290 9273

                                                            Fax:     (061) 290 9250

                                                            Email: albes@agra.com.na

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