Dying NPTH eyes Swakop Hotel

OGONE TLHAGE WINDHOEKDespite its winding-up being in the works, Namibia Post and Telecommunications Holdings (NPTH) is eyeing the potential purchase of the Swakopmund Hotel.Namibian Sun is in possession of an email thread in which the services of a consultant is being sought to evaluate the business and the financial viability of the hotel following a request by NPTH CEO Kristofine Itembu, sent to consultants for them to submit their bids.“NPTH would like to engage the services of a competent consultant to provide a quotation for a business and financial performance review and property valuation of a hotel and entertainment (casino) property in Swakopmund – four-star hotel,” Itembu wrote.Hotel in sightThe action was prepared on Monday.When approached for comment, Itembu confirmed that NPTH was eyeing the hotel and justified the purchase saying it had a property portfolio.Government has announced its plans to wind-up NPTH, which holds shares in Telecom, NamPost and MTC on behalf of the state.“As you might be well aware, NPTH has a property management company and the exercise will be conducted for our internal assessment. In addition, the exercise has no bearing on the dismantling of NPTH,” Itembu said.The company also purchased the Roads Contractor Company property in Windhoek’s Southern Industrial Area last year.Noticeable strugglesIn January, The Namibian reported that the hotel’s employees had not been paid for seven months - since May 2020.In April 2020, employees' salaries had been cut by 25%, and in the following months, salaries were cut by a further 25%, but have not been paid to date as the effects of the Covid-19 pandemic started to take a toll on the economy.“In light of the above, we request any creditor of our employees to be patient and assist our employees by giving them relief on any monies owed until an agreement has been reached between the shareholders,” a letter drafted by Swakopmund Hotel’s personnel and training manager Pieter Loubser read.The hotel’s shareholder TransNamib had also been forced to abandon its shareholding following a High Court judgement.TransNamib sold the hotel to its partner Stocks and Stocks for N$5 million last November. The hotel’s assets amount to N$64 million, while its liabilities amounted to N$110 million as at November 2020.

Dying NPTH eyes Swakop Hotel

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Namibian Sun 2025-03-04

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Dying NPTH eyes Swakop Hotel

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Namibian Sun 2025-03-04

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