Seawork sells shares to NamHake quota holders

06 Dec 2016 16:20pm
WALVIS BAY, 06 DEC (NAMPA) - Three Hake fishing right holder companies from NamHake Investment acquired 15 per cent shareholding in Seawork Fish Processors.
Their stake is worth more than N.dollars 75 million.
Seawork Managing Director (MD), Peter Pahl made the announcement at a media briefing in Walvis Bay on Tuesday. The companies that acquired five per cent each are Escalate Investment, Omaru Investment and Green Rose Trading.
Pahl said the new shareholders have the option to increase their stake in the company.
“NamHake also have an option to increase their shareholding up to 25 per cent if they bring in more fishing quotas.”
With a quote of 9 000 metric tones (mt), the new shareholders can obtain an extra 17 per cent in the company; 10 000mt (19 per cent); 11 000mt (21 per cent); 12 000mt (23 per cent); or 13 000mt for 25 per cent.
The MD said Seawork sells shares to fishing right holders as they do not have fishing rights, but own five fishing vessels and a fish processing factory.
The three companies will now use Seawork vessels to catch fish for processing in their factory.
In a speech read on his behalf, Minister of Fisheries and Marine Resources Bernhard Esau reminded the shareholders to take care of their employees because they are their biggest assets.
“Make them part of the company to increase productivity and maintain industrial peace.”
Esau said it is Government’s responsibility to create an environment conducive for business entities to conduct operations, flourish, create jobs and make profit.
“Remember that you are expected to share your resources with the poor and unemployed.”
Seawork is a fully Namibian owned company worth about N.dollars 500 million and employs 1 500 people on full-time basis.
They export 85 per cent of their processed products, mostly Hake, to South Africa, Germany, Australia, Angola and United States of America.