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Marketplace News|
Tuesday, July 8, 2008 - Web posted at 9:17:52 AM GMT Meatco takes over ownership of Namco STAFF REPORTERNAMIBIA'S largest meat producing company, Meatco, took over the ownership of the Namibia Allied Meat Company (Namco) recently. |
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It also bought out the holding company's shares in Brukkaros Meat Processors at Keetmanshoop. According to a Meatco statement issued on Friday, Namco incurred losses of close to N$3 million over the past three years and shareholders of the holding company decided to make their shares available for purchase. Meatco indicated its interest and the transaction was finalised at a board meeting in Windhoek. "Our goal is now to positively manage the company and notably add value that could, in the end, become visible in prices," said Meatco Chief Executive Officer Kobus du Plessis. "The transaction is a reconfirmation of Meatco's commitment to the small livestock industry. Namco will be managed to the benefit of the producers by reducing the company's cost structure and bringing losses to an end. This, in turn, could have a positive effect on prices." Namco remains a separate entity and will be managed as a freestanding business. According to Namco's recent electronic newsletter, the transaction only deals with the holding shares in Namco and does not influence the producers' involvement with the recruiting organisation, the Namco Livestock Association (NLA). "The involvement of producers in the Namco model now enters a new phase," the newsletter stated. "Producers' participation will be focused on the product they deliver, while Namco will focus on quality service. It is therefore of utmost importance to the Namco management and shareholders that the former shareholders in Namco, through the holding company, do not abandon their positive involvement in Namco." |
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