(Ecofin Agency) - Following its annual general meeting held last week, Nimbus Infrastructure Ltd’s shareholding approved the acquisition of the full stake in pan-African telecom company Paratus Telecommunications (Pty) Limited.

Nimbus also plans to rename the company Paratus Telecommunications into Paratus Namibia Holdings Limited once the Namibian Communications Regulatory Authority (CRAN) gives its approval and the operation is completed.

The Namibian company acquired an initial stake of 26.5% in Paratus Namibia in February 2018 and increased its ownership to 51.4% in May 2018. In total, more than N$200 million in cash and shares were invested by Nimbus Infrastructures Limited in these transactions.

After the 100% stake is acquired, Nimbus’ shareholding will consist of Capricorn Investment Group, Standard Bank Nominees (Pty) Ltd, CBN Nominees (Pty) Ltd, and First National Bank Nominees (Namibia) (Pty) Ltd.