10 Dec 2015 14:30pm
OTJIWARONGO, 10 DEC (NAMPA) The Central North Regional Electricity Distributor (Cenored) on Wednesday paid out dividends of close to N.dollars 10 million to its shareholders.
The shareholders are NamPower; the Kunene and Otjozondjupa regional councils; and local authority councils in areas where Cenored has operational electricity distribution offices - Tsumeb, Grootfontein, Otavi, Otjiwarongo, Okakarara, Outjo, Kamanjab and Khorixas.
Each shareholder was presented with its share of the dividends during the Cenored 2015 Annual General Meeting held at Otjiwarongo.
NamPower received the highest amount of N.dollars 4,5 million, followed by the Otjiwarongo Municipality that received N.dollars 1 540 000.
The Tsumeb Municipality received N.dollars 1 260 000; Grootfontein Municipality N.dollars 1 030 000; Otjozondjupa Regional Council N.dollars 520 000; Outjo Municipality N.dollars 400 000; Okakarara Municipality N.dollars 220 000; Otavi Municipality N.dollars 190 000; Khorixas Municipality N.dollars 170 000; Kunene Regional Council N.dollars 100 000; and Kamanjab Village Council N.dollars 50 000.
On his part, Chairperson of Cenoreds Board of Directors, Simson Haulofu said since the company was founded in 2005, this years total dividends is the largest amount thus far.
Haulofu said in 2013, Cenored had paid out a sum of N.dollars 8 million and N.dollars 5 million in 2014 to its shareholders.
Haulofu and several shareholders on Wednesday expressed their gratitude with the companys pace of growth over its 10 years of existence.
A presentation was then made to shareholders on how the companys management intends to get into an electricity distribution business deal through a joint venture with the Okahandja Municipality and Omaheke Regional Council.
The shareholders then unanimously approved the proposed joint business venture between Cenored, Okahandja Municipality and Omaheke Regional Council.
Tsumeb Municipality Chief Executive Officer (CEO), Archie Benjamin was first to approve the proposal on grounds that more clients for Cenored means increased revenue for the company.
Otavi CEO, Moses Matyayi and Grootfontein CEO Charles Kariko also supported the idea by encouraging the management of Cenored to diversify the companys business ideas and spread its wings everywhere.
Cenored is headquartered in Otjiwarongo in the Otjozondjupa Region.