NSX moves towards public company structure

The Namibia Securities Exchange (NSX) is preparing to change the ownership of the country’s main stock exchange after members voted to turn it into a company with share capital last week.

For decades, the NSX operated as a private association of rights holders, where only those who traded on the exchange had a say in its management.

The approved demutualisation will now separate ownership of the NSX from membership of the exchange, meaning owning a stake in the exchange will no longer be tied to being a member with trading rights.

Under its current structure, the NSX membership consists of 43 founder members holding 43 rights with a N$430 000 contribution and six stockbroking members holding 35 rights with a N$1.8 million contribution for a total of 78 rights in circulation, according to its 2025 annual report.

The demutualisation will replace this rights-based structure with share ownership.