Groot Glass Seeks to Raise USD $26 Million (N$300 Million) in Pre-funding Through a Private Placement Offering
The Company has instituted a Private Placement Offering which is consisting of 400 million ordinary shares. A total of 350 million shares are reserved for the Namibian government at the cash value of USD $152 million (NAD $1.76 billion) which is equal to 17.5% shareholding for the Namibian government in Groot Glass.
Since its inception in 2012, Groot Glass has been focused on developing a feasible business model, both technically, economically and socially, to construct and commission five different glass manufacturing factories of float for the construction, automobile and solar panel industry, container for the beverage and pharmaceutical industry, tableware glass for the kitchenware and hospitality industry, fibreglass for the heavy industrial and ultrathin glass for the computing and mobile devices.
Groot Glass has selected and appointed the world’s best glass engineering and supplying companies as EPCM including Heye International (Germany) for its container glass, ghs-glass part of Sorg (Germany) for its float glass factories in Tses, with the civil work slated to start by mid 2018. Other supplying companies of the needed equipment, technology and know-how include Germany-based companies of Zippe, Horn, MSK, Grenzebach, Siemens and also Italian companies such as Olivotto, BDF Industries, and Glass Service Srl, as well as CTIEC of Shanghai, China.
Groot Glass has also selected and appointed Ukraine-based Techmash and Specstrojmontazh as General Contractors for the construction of its two glass manufacturing factories, float and container.
"The market scope for Groot Glass and all of business-cum-industrial entities it will create will inevitably be not just Namibia with its limited population size but also the various Southern African Development Community (SADC) member countries bordering on Namibia," says Simon Kapenda, Founder of Groot Glass.
Groot Glass has received a Letter of Interest from Namibia's largest brewery, Namibia Breweries Ltd., as well as Okahandja-based brewery by England-based SABMiller PLC for to supply them with millions of different glass bottles ranging from 330ml to 750ml in sizes.
"Out of that USD $750 million, about 45% of that will go towards paying our overseas technical partners for our factories equipment, technology and know-how by our German, Italian and Ukrainian technical partners, and the rest of the cash will be spent in Namibia for the required local deliverables such as infrastructure of water, electricity, fuel, initial raw materials, training of our staff and labor force in Germany and many other needed resources and logistics," exclaims Andreas Mathias, Director of Groot Systems and CEO of Groot Sands.
Groot Glass has received its environmental clearance in 2017, and, has now received in writing the blessing and support of the Namibian government through the Ministry of Industrialisation, Trade and SME Development, National Planning Commission of the Office of the President, and has also received in writing the support of the ruling SWAPO Party, Bank of Namibia (Namibia's Central Bank), NAMFISA (the financial institutions regulatory authority), Berseba Constituency Council and the area Local Traditional Authorities in the Berseba, Omunkete and Oukwanyama Traditional Authority.
"We are now raising our prefunding of N$300 million through our Private Placement Offering and then close our project financing of USD $750 million (NAD $10 billion) so that we can start with our civil work in Tses for the construction of our two mega glass manufacturing factories, simultaneously, which will create massive employment opportunities especially in three different rural villages in Namibia, to effect the reversal migration from urban-to-rural, which just happens to be the desires of HE President Hage Geingob of the Republic of Namibia," states Elikana Nangolo, President and Chief Operating Officer of Groot Systems.
"We are inviting institutions, investors and select individuals from everywhere to take part in our Private Placement Offering, just USD $0.40 (NAD $5.00) a share, with a minimum of 200 shares per each reservation, which is 98% discount. This Private Placement Offering closes on February 28, 2018," states Elikana Nangolo.
Groot Glass is a joint-venture between Groot Systems and Tses Village Council of the Ministry Urban and Rural Development of the Republic of Namibia.
The Company's financing of USD $750 million (NAD $10 billion) expects to give Groot Glass a valuation of about USD $22.3 billion (NAD $259.3 billion) and create about 47,000 direct and indirect manufacturing job opportunities in Tses and throughout Namibia.
About Groot Glass (Pty) Ltd.
Groot Glass (Pty) Ltd (previously known as "Tses Glass") seeks to become the world’s largest vertically integrated glass manufacturing hub for the float, container, tableware, ultrathin, and fibre glass products. The vision for Groot Glass is to focus on the manufacturing of a wide range of world’s quality float glass, container glass, tableware glass, fiber glass, and ultrathin glass products for the construction of residential and commercial buildings as well as for industrial, kitchenware, bottles, touch screen computing and smart phones devices for the markets around the world.
Learn more about the Groot Glass Private Placement Offering at grootgroup.com/glass/ppo and about Groot Glass at www.grootgroup.com/glass.
Groot Glass (Pty) Ltd.
For inquiries, Simon Kapenda;
Mobile: +264-81-250-9027 or via email: firstname.lastname@example.org
Simon Kapenda, CEO