Staff Writer
Namibia Asset Management Limited (NAM) chief executive officer Tarah Shaanika has received 1.73 million ordinary shares through the company’s employee share ownership arrangements administered by the Orban Street Trust.
The shares vested on 1 June 2026 and were registered in Shaanika’s name on 9 September 2026, according to a disclosure issued by NAM on the Namibia Securities Exchange.
The 1 733 333 shares represent one-third of the shares allocated to Shaanika under an award made on 1 April 2021.
The remaining two equal tranches are scheduled to vest on 1 June 2027 and 1 June 2028. At a market value of N$0.72 per share, the vested shares were valued at N$1.25 million.
NAM said Shaanika had no discretion over the timing or number of shares vesting. The shares were awarded at nil consideration and the number of shares vesting is fixed under the allocation arrangements.
Of the shares that vested, 599 456 shares were disposed of off-market to the Orban Street Trust to settle the PAYE tax liability arising from the vesting. The shares were disposed of at N$0.72 each, giving the transaction a value of N$431 608.32.
The disposal was contractually provided for in Shaanika’s share allocation letter and was non-discretionary, NAM said.
Following the transactions, Shaanika holds 1 133 877 NAM shares beneficially, representing 0.567% of the company’s 200 million shares in issue.
NAM said the shares vested automatically on 1 June 2026, approximately five years after the original award date, in accordance with the terms of the award.
The delay between the vesting date and registration was attributed to the need for replacement share certificates to be issued to give effect to the transfer
Clearance for the transactions was granted by the chairman of the board on 3 September 2026.
