Foreign shareholding in radio and TV broadcasting firms is limited to 49% of the voting capital.
"Definitions and interpretation
1. (1) In this Act, unless the context indicates otherwise –[...]
“broadcast” means to disseminate electronic communications –
(a) by radio waves if that communications are intended to be received by the public or the subscribers to a particular service, directly or by the intermediary of relay stations; or
(b) by any other means if that communications are intended to be received by the public or the subscribers to a particular service and the Authority has after following a rule-making procedure, by regulation prescribed that the specified services are broadcasting services;
CHAPTER VI - BROADCASTING SERVICES [...]
Issue of broadcasting licences
85. (1) The Authority may, on such conditions as it may determine and against payment of such fees as may be prescribed, issue a broadcasting licence in the appropriate category prescribed in terms of section 84(1) conferring the right to provide the services authorised by the licence.
(2) Subject to subsection (3) and (4), the Authority may issue a broadcasting licence only to –
(a) a Namibian citizen; and
(b) a juristic person of which at least 51 percent of the share holding is beneficially owned by Namibian citizens and which is not controlled directly or indirectly by persons who are not Namibian citizens and which has its principal place of business or registered office in Namibia.
(3) The Minister may beforehand authorise the issue of a broadcasting licence to a juristic person other than a juristic person referred to in subsection (2)(b).[...]" (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>]