Hake right holders acquire N$75 million shares in Seawork

Home Business Hake right holders acquire N$75 million shares in Seawork

Walvis Bay

Three Namibian right holders have acquired a 15 percent stake worth N$75 million in the formidable fishing company Seawork Fish Processors that is based at Walvis Bay. Seawork prior to the agreement was fully owned by North Quay Properties and is worth N$500 million, with assets including five fishing vessels, a fully fledged fish factory and three fish shops – in South Africa, Walvis Bay and Windhoek.

The company processes about 50 tonnes of fish per day by hand and exports 85 percent of its products after value addition to countries such as Germany, Australia, South Africa, United States of America and the European Union.

The company employs 1 500 people of whom 90 percent are women
The three right holders – Omaru Fishing, Escalate Investments and Green Rose Trading – pooled their resources in smart partnership and formed NamHake Association to secure the 15 percent shareholding after lengthy discussions and negotiations.

Speaking during the signing ceremony that was held yesterday morning at Walvis Bay, the managing director of Seawork, Peter Pahl, said the objective of the joint venture is to create more jobs by combining efforts with the right holders so that they in turn also play a vital and integral part in value addition, protection and sustainable management of Namibian resources.

Speaking on behalf of the right holders, Benny Amuenje said they wanted to become participants on a full-scale basis in terms of employment creation and economic development and also play a vital part in value addition as required by the government so that more jobs can be created.

The three right holders currently own 5 percent shares each, however North Quay Properties has agreed to sell another 10 percent to the right holders if they can bring in a bigger quota for processing.

Steven Ambabi, the deputy director of the Ministry of Fisheries and Marine Resources in Erongo REgion, said that this was indeed a historic milestone for right holders as the acquisition is clearly a step in the right direction.
“This is what our minister, Bernard Esau, has been advocating for – creating jobs, adding value rather than selling the quotas to the highest bidder.”