On the 27th April 2001 Nored Electricity was incorporated as an Asset based company of equal shareholding amongst
1. NamPower (Pty) Ltd
2. Local Authority Electricity Company (Pty) Ltd (LAEC)
3. Regional Council Electricity Company (Pty) Ltd (RCEC)
The Shareholders agreed that each Shareholder contributes as equity cash of N$5 million and that all Electricity Distribution Assets from the RC’s, LA’s and NamPower be transferred to Nored, in the case of the former two via the special created Companies. The transfer of Assets was done effective from 01 December 2003.
The relationship between the Shareholders is regulated by the signed Shareholders Agreement. Whereas the Assets transfer Agreement stipulates the ownership as well as the responsibility over the assets.
The following members were appointed to the second Board of Directors, with effect from the 01st April 2005:
