Bopeu Pulls Plug On P1.2m Investment In Unigem

UNIGEM has issued a press statement to announce that BOPEU has decided to disinvest from the company with immediate effect.  “This leaves the company with four shareholders; namely Botswana Sector of Educators Trade Union (BOSETU), Botswana Land Boards, Local Authorities and Health Workers Union (BLLAHWU), Botswana Teachers Union (BTU) and National Amalgamated, Local and Central Government and Parastatal Workers Union (NALCGPWU).  The valuation process is going to complete the sale transaction and all other necessary logistics,” the statement said.

UNIGEM was formed in 2009 by the five public sector trade unions.   In 2010, the company was contracted by the government to administer the Government Motor Vehicle and Residential Advance Scheme (GEMPAS).  The company is charged with assisting eligible civil servants to apply for motor vehicle and housing loans with participating financial institutions.  At the formation of the company, the shareholders were required to collectively raise P6 million as a start up capital.  Each of the unions ended up contributing P1.2 million.