GOVERNMENT’s August 26 Holdings Company (Pty) Ltd last week launched a five-year strategic plan during its annual general meeting (AGM) held outside Windhoek.
August 26 Holdings is a 100% government-owned company which resorts under the Ministry of Defence (MoD).
Speaking at the event, August 26 board chairperson Fillimon Shafashike said the company will remodel itself on prioritising military projects and needs, and diversify products and markets in order to generate value for the shareholder, be positioned to compete in the open market, and run and operate as a sustainable business.
“The company seeks to address the restructuring of weak governance, poor monitoring and evaluation framework, lack of skills and expertise at board and senior management level, misaligned priorities between subsidiaries and the holding company, poorly performing strategic business units, and limited business scope,” he noted.
The board took a decision to restructure the group in order to ensure that the MoD as shareholding ministry gets good returns on investment.
Shafashike said the restructuring exercise, which is ongoing, will see all subsidiaries making profits within the next five years.
“We also have taken a principled decision that subsidiaries which will fail to meet this target will be closed or merged,” he explained.
Speaking at the same event, deputy defence minister Billy Mwaningange said August 26 will set in motion numerous investment undertakings that will improve the company’s financial situation.
“We are pleased to see that [in] the strategic plan, the sights are set high, and the gaze distant. We have no doubt this comprehensive and clear paper will help raise the productivity of the company [and] increase its customer base at home, and spread its wings in the region and Africa at large,” he added. – Nampa
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