By Petronella Sibeene WINDHOEK In response to government’s call to strengthen local business ownership, the Frans Indongo Group yesterday announced a shareholding transaction with Pioneer Food. Pioneer Food is a South African company that owns Bokomo Namibia. The company manufactures numerous popular brands, which are sold throughout southern Africa. Products include Wheat-Bix, Pro-Nutro, Ceres Fruit Juice and biscuits. The new venture means the Frans Indongo Group is a 100 percent co-owner of Bokomo Namibia. The magnitude of the Namibianising of the shareholding in Bokomo Namibia, which was previously owned by foreign shareholders in the food industry, is the first of its kind in the country. At the signing agreement ceremony witnessed by President Hifikepunye Pohamba, Founding President Dr Sam Nujoma and captains of different industries, Managing Director of Pioneer Food, Andre Hanekom, said the joint venture is significant as there will be no proceeds to be repatriated out of Namibia. It is expected that the cash investment made by the Frans Indongo Group will grow the business by funding a new egg production plant. Bokomo Namibia started in 1998 as an egg farm in Brakwater. The business later converted into a wheat and maize mill. In 2001, Bokomo Namibia commenced selling food products manufactured by Pioneer Food and the operation has led to the expansion of the warehouse to accommodate more than 800 product lines supplied by Pioneer Food. Bokomo Namibia is currently expanding its egg production capacity by building a new facility near Okahandja. The new facility will have the capacity of 270 000 eggs per month. The new production, Hanekom says, will also reduce imports to Namibia and thus will strengthen the foreign exchange position of the country. “A small investment of N$3.8 million made in 1998 has grown to a business with turnover of more than N$100 million,” he added. Pohamba commended the initiative adding that it is through such initiatives that Namibians can have the opportunity for employment. Seventeen years after the country’s independence, Namibia consumes 80 percent of finished goods from other countries. The President said the time has come for Namibians to embark upon value addition to the natural resources and to manufacture finished goods locally. “In this manner, we can enhance the competitiveness of our national economy,” he said. Pohamba further commended the Frans Indongo Group and Pioneer Food for demonstrating their belief in the expansion and diversification of business ventures in Namibia. He called on the management of the joint venture to continue working hard to contribute to the economic development of Namibia. Founder of Frans Indongo group Frans Indongo says the localising offer by Pioneer Food suits the group as far as empowering local ownership aimed at building local capacity is concerned. He made the assurance that his company would continue involving itself in sustainable businesses where the socio-economic issues of the country and its people are addressed. “Those of us who can assist in developing our commercial activities, our self-sufficiency and employment capacity need to take this very seriously. We have to invest in projects where growth opportunities exist and where the capacity of Namibia can be developed and increased,” he said.