WINDHOEK - Namibia Wildlife Resorts (NWR) has to date paid N$60 million in interest to the Development Bank of Namibia (DBN), as interest on the N$120 million loan the company borrowed in 2006, Managing Director Zelna Hengari said.
Hengari made this revelation on Tuesday while announcing the company’s achievements and challenges to members of the Parliamentary Standing Committee on Natural Resources.
She told lawmakers that NWR, having settled the N$60 million in interest, has started paying back the capital amount of N$120 million to the development bank.
Hengari explained that the loan was used to redevelop the Okaukuejo, Namutoni, and Halali resorts in time for the Etosha Centenary celebration in 2007.
Part of the money went to the redevelopment of the Sesriem campsite and the entirely new Sossus Dune Lodge.
“This loan was also used to redevelop the Ai-Ais and Waterberg resorts,” said Hengari, who addressed lawmakers in the company of Corporate Communications Manager Mufaro Nesongano, Environmental and Compliance Specialist Fransiska Nghitila, Chief Strategy and Projects Officer Dr Matthias Ngwangwama and Acting Chief Operations Officer Tandi de Jager.
NWR between 2006 and 2009 under the leadership of then NWR MD Tobie Aupindi took a loan from Old Mutual Medina Funds of N$120 million, which was later, transferred to DBN by a cabinet decision.
The loan was aimed at improving the product of the company to provide reliability and high-quality product and services, and to improve the financial outlook of the company.
Hengari told lawmakers yesterday that in 2017, the NWR embarked on a strategy to turn around the financial results of its operations.
She said six objectives were to change company culture and establish a high performing team, to improve institutional capacity, to attain guest satisfaction through operational and service excellence; optimization of profitability and growth of the company; establish and optimize strategy partnerships and stakeholders relations and sustainable development and growth over the short and long term. Also, Hengari said during this financial year performance contracts were signed for all senior executives and most of the middle management.
She said the company also implemented a performance management system across its resorts.
Additionally, Hengari said the company is in the process of refurnishing the Khorixas training institution which was donated to them.
She said the institution will be turned into a training school for staff members.
Responding to Hengari’s presentation, Parliamentary Standing Committee on Natural Resources Chairperson Sophia Swartz said she was impressed with the presentation presented to the committee.
2018-11-15 09:58:55 9 months ago