WALVIS BAY – Workers of Oceana Group, through Erongo Marine Enterprises and Commercial Cold Storage (CCS), continue to benefit from the company’s vision of profit sharing and ownership.
The Namibian employees through their Erongo Harambee Trust recently acquired 31% shares in CCS as part of the company’s employee participation vision.
The announcement was made on Tuesday at CCS by Erongo Marine Enterprise managing director Martha Uumati.
Uumati said the latest development is indeed a historic achievement for the company, as it further enables broad based participation in the company’s operations and shared prosperity.
“Through the empowerment deal we are celebrating today, permanent employees of Erongo Marine Enterprises and Commercial Cold Storage now have shares in both Oceana Group subsidiaries in Namibia through the trust. That is 31% shareholding in CCS and 15% in Arechanab Fishing and Development Company, a right holding company in which Erongo Marine Enterprises is a shareholder,” Uumati said.
The Erongo Harambee Trust was established in 2017 to allow employees to benefit from the country’s natural resources through profit sharing.
CCS is Namibia’s largest cold storage business, which focuses on serving the fishing industry.
The facility is located in the port of Walvis Bay.
Uumati added the development also signifies a step in the right direction towards the private sector supporting the government’s call for equitable wealth distribution – giving meaning to the concept of shared prosperity for all Namibians.
“This initiative is also testimony to Oceana Group’s commitment to a performance-driven culture that positively impacts lives with the correct reward, designed to aid in the creation of an ownership mentality across the group,” she said.
Chairperson of the trust, Charlett Kambongarera explained CCS employees who are employed for 12 months and longer will now also be able to share in the profits of the company gained through their hard work.
“Dividends will be declared on an equal basis annually. To date, dividends of more than N$9 million has been paid through the trust to permanent employees from 2018 until February this year.
This is a good initiative, we share from our own hard work. Sompayoutsts will be done some other times when we will have bettepayoutsts. So, let this be a challenge and motivation to all CCS employees to work hard and take pride in what you do. We are all in this together now,” she said.
CCS employee Agnessa Feris thanked Oceana Group and Erongo Marine Enterprises for the well thought initiative, saying employees appreciate the support.
“We are very fortunate that we can take a bit extra to our families while others face challenges such as unemployment. We are very thankful,” she said.