Groot Property Group Authorizes to Issue 10 Million Shares
FOR IMMEDIATE RELEASE
WINDHOEK, Namibia – October 1, 2011 -- /GPG/ -- Groot Property Group (Pty) Ltd is developing a new township namely, Groot, an upscale multifarious community to be comprised of more than 2,100 commercial retails with light and heavy industrial parks and more than 160,000 residential housing units on a private land near Etosha National Park in Namibia.
In an effort to help finance its initial green scheme projects for the development of Groot, the Company has authorize to issue 10 million shares, which is comprised of 5 million shares of ordinary (common) stock and 2 million shares of preferred stock, of which 80,000 shares of ordinary stock have been issued.
The Company hopes to raise more than US$9 million (N$65 million) from the sale of the issued stocks, for which is by invitation only. The capital from the sale of the issued shares will finance the needed preliminary technical work for the green scheme projects as required for the successful development of Groot.
The total budget for the complete planning, development, engineering and construction of Groot is about N$6 billion. The Company plans to raise the total budget through a combination of debt and equity financing through a network of connected financial institutions in the US and Europe, while Standard Bank will finance 50% of the total budget for the development of Groot.
"The market scope for Groot 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, Chief Economist of Groot Property Group.
Groot is poised to become one of the fastest growing and largest towns in Namibia, an innate character, a center of attraction for the concentration of a multitude of essential socio-economic activities with supportive and complementary relationships. A corollary of this will be applied necessity to mobilize a diversity of professional inputs in areas of engineering, socio-economic research, entrepreneurial development, social services and others for the greater good of Namibia.
About Groot Property Group (Pty) Ltd
Groot Property Group (Pty) Ltd is a premier rapid industrial development and foreign direct investment management company which focuses on implementing applied neuroeconomics and systems dynamic to efficiently explore, develop, and manage self-sustained ecosystems for the slow-developing and stagnant economies. Learn more about Groot Property Group (Pty) Ltd at www.grootgroup.com/investor.
Source: Groot Property Group (Pty) Ltd
Web site: www.grootgroup.com/investor