Namibianisation

Namibianisation

The success we achieved was created from merging local quota and the use of foreign hardware and expertise to learn how to unlock that value. Thus after learning how efficiently the Russians harvested Horse Mackerel, we realised there was opportunity for local enterprise to localise this and have the benefit remain in Namibia.

By 1993 Namsov Fishing became more than 50% Namibian owned. All foreign contributions where then effectively transferred to Namibian people. Come 1996, we introduced our own vessel called the STARFISH and this established us as the main Namibian mid-water trawler operator.

Over time we became well versed? in the business and local shareholding increased. Also, we made industry leading moves such as deliberate decisions to provide quality employment in the industry. We furthermore allocated 10% shareholding in the company to the Namsov Community Trust as our contribution to the social-economic agenda of Namibian people.

Through the steady re-investment of profits back into the business, we again purchased an additional four more vessels in 1998. This enabled a period of steady investment, technological improvement and growth followed. The culture of diligently reinvesting into the business established our business as an industry leader and pioneer. This is when our Namibianisation dreams started becoming a reality and we successfully managed to cease the permanent chartering of foreign vessels.

At the time, legislation and regulations required Namibian shareholding, investment and Namibianisation in the industry. In 1994 when the first rights where introduced, Namsov Fishing Enterprises was already majority Namibian owned.

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