BEE bites into travel business

ONE of Namibia’s top travel management companies, Trip Travel, yesterday unveiled its new shareholding structure, which has given a controlling stake to Black Economic Empowerment companies.

Trip Travel, a broad-based agency, previously 100 per cent owned by a private family company, has now entered into a partnership which sees BEE entities holding 56 per cent of the shares. The Namibia Mine Workers Union holds 12 per cent of the shares, One Namibia Investment Holdings 10 per cent, Omumbolombonga Investment seven per cent, Education Trust five per cent, Family Trust six per cent and Share Employees Trust 16 per cent.The remaining 44 per cent belongs to Travel Trip Holdings.A shareholders’ agreement was signed by the parties in July 2004 – a deal structured by PricewaterhouseCoopers through its Special Purpose Vehicle.Officiating the event in Windhoek, Prime Minister Nahas Angula warned the new partners incorporated into the company against complacency and corruption, adding that empowerment deals were meant to address social marginalisation and unfair practices of the past.”This means that empowerment should not be a means of creating social classes or social co-option.Empowerment should aim at creating equality, inclusiveness and opportunities.”Angula did not mince his words, saying empowerment should not be about free rides, entitlement, window-dressing or self-enrichment.He said such economic empowerment deals were about the promotion of business growth and generating wealth for the country.This deal is a significant move in the tourism sector, which has been dominated by a few groups.Tourism in Namibia is fast growing, currently being the third largest sector and contributor to the gross domestic product.Trip Travel, whose Chairperson is Dr Chrisna von Gericke, has been doing its business in Namibia since 1956.The company has branches in Windhoek and Swakopmund.The Namibia Mine Workers Union holds 12 per cent of the shares, One Namibia Investment Holdings 10 per cent, Omumbolombonga Investment seven per cent, Education Trust five per cent, Family Trust six per cent and Share Employees Trust 16 per cent.The remaining 44 per cent belongs to Travel Trip Holdings.A shareholders’ agreement was signed by the parties in July 2004 – a deal structured by PricewaterhouseCoopers through its Special Purpose Vehicle.Officiating the event in Windhoek, Prime Minister Nahas Angula warned the new partners incorporated into the company against complacency and corruption, adding that empowerment deals were meant to address social marginalisation and unfair practices of the past.”This means that empowerment should not be a means of creating social classes or social co-option.Empowerment should aim at creating equality, inclusiveness and opportunities.”Angula did not mince his words, saying empowerment should not be about free rides, entitlement, window-dressing or self-enrichment.He said such economic empowerment deals were about the promotion of business growth and generating wealth for the country.This deal is a significant move in the tourism sector, which has been dominated by a few groups.Tourism in Namibia is fast growing, currently being the third largest sector and contributor to the gross domestic product.Trip Travel, whose Chairperson is Dr Chrisna von Gericke, has been doing its business in Namibia since 1956.The company has branches in Windhoek and Swakopmund.