The Government Institutions Pension Fund of Namibia (GIPF) and the Namibia Mid Cap Fund (NMCF) has issued a joint media statement in which the the two entities are cautioning the general public from engaging in dealings with Myrtle Growth Capital - which is the former fund manager of the NMCF. 
In the cautionary notice, this week, the two entities has notified the public of a court case (case number provided) that is currently underway in the High Court of Namibia, against Myrtle Growth Capital (Pty) Ltd, to prevent the latter from unlawfully selling or disposing of shares held by the NMCF on behalf of the GIPF in unlisted investments (portfolio companies). 
This, because; “Myrtle Growth Capital, [which] is the former fund manager of the NMCF, was deregistered as an unlisted investment manager by the Namibian Financial Institutions Supervisory Authority (NAMFISA) in August 2023,” GIPF’s General Manager for Marketing and Stakeholders Engagement, Edwin Tjiramba, revealed in a media statement this week. 
“Because of its deregistration by NAMFISA, Myrtle Growth Capital is prohibited by law from managing or administering the affairs of the NMCF. Myrtle Growth Capital has no authority whatsoever to act for or on behalf of the NMCF or the GIPF,” Tjiramba further stressed. 
The GM further revealed that Myrtle Growth Capital has no authority whatsoever to privately deal with, offer for sale or dispose of any shares held by the NMCF in any companies, including portfolio companies such as; Greencrisp Farming (Pty) Ltd, Agrigro Namibia (Pty) Ltd, Amazing Kids Private School and Academy (Pty) Ltd, Chimezi Farming Enterprises (Pty) Ltd, Namibia Cables (Pty) Ltd, Swanib Cables (Pty) Ltd and Trans Kalahari Group (Pty) Ltd
“Having regard to the aforementioned, the public is cautioned that any dealings with Myrtle Growth Capital relating to any shares held in any of the aforesaid portfolio companies or relating to any shares in a company that owns shares in a portfolio company, are done so at own risk,” Tjiramba reiterated. 
The GIPF is a fund established under the Pension Funds Act 1956, with the object of providing retirement and ancillary benefits for the beneficiaries of the fund.
The NMCF is a Bewind trust and a special purpose vehicle (SPV) as defined in the Pension Funds Regulations relating to unlisted investments. In short, the NMCF holds assets such as shares in portfolio companies, for the benefit of the GIPF.