Foreign shareholding in telecommunication firms is limited to 49% of the voting capital.
"PART 1 - TELECOMMUNICATIONS LICENCES [...]
Ownership restrictions
46. (1) Subject to subsection (2) and (4), no licensee may be controlled by any person that is not a Namibian citizen or a Namibian company and no more than 49% of the stock in any licensee may be owned by persons that are not Namibian citizens or Namibian companies that are controlled by Namibian citizens.
 (2) The Minister may beforehand authorise the acquisition of control or ownership of stock that is prohibited by subsection (1).[...]" (Communications Act No. 8 of 2009)
Communications Act No. 8 of 2009
[<a href="https://www.cran.na/yglilidy/2019/12/Communications_Act_8_of_2009.pdf">Act</a>]