FNB Namibia bondholders face trading deadline in November

**CHAMWE KAIRA **

First National Bank of Namibia (FNB Namibia) bondholders must convert their paper certificates into electronic records by 9 November 2026 to continue trading their holdings, the bank has announced.

FNB Namibia said bonds issued under code FNBJ28S are currently held in physical certificate form and will no longer be tradable after 9 November unless they have been dematerialised and transferred into the Namibia Central Securities Depository (CSD) system.

Dematerialisation involves verifying physical bond certificates and replacing them with electronic records of ownership held in the CSD. The process does not affect investors’ ownership of the bonds.

FNB Namibia said the register for FNBJ28S will be closed from 6 November to 9 November 2026 to facilitate dematerialisation.

During this period, transfers, trading activities and other changes to the register will not be permitted, except transactions related to dematerialisation.

The bank said holding bonds electronically would allow investors to trade more efficiently on the Namibia Securities Exchange (NSX), benefit from faster and more secure settlement, and receive interest payments directly into their nominated bank accounts.

Electronic records would also eliminate risks associated with physical certificates, including loss, damage, theft, forgery and misplacement.

Bondholders must appoint a Central Securities Depository Participant (CSDP) to facilitate the process.

Investors whose accounts are controlled by brokers may appoint a registered stockbroker to arrange dematerialisation through a CSDP.

The appointed CSDP will guide investors through its account-opening requirements, including identification documents, mandates and applicable fees.

FNB Namibia advised investors to obtain details of fees and charges directly from their chosen CSDP before opening an account.

Once a Central Securities Account has been opened, bondholders must submit their original certificates to their appointed CSDP.

Broker-controlled clients may submit their certificates to their brokers for onward delivery to the CSDP.