Affirming their commitment to the National Development Agenda, Namsov Fishing Enterprises announced this week it has chartered the “Atlantic Challenge as a critical part of our local feasibility study.” This is in response to the call to industry by the Minister of Fisheries and Marine Resources, Hon. Bernard Esau for fishing companies to meaningfully explore large-scale horse mackerel processing on land.
In a statement released earlier this week, Namsov said the vessel was built in 1999, has an overall length of 59 metres, is 14 metres wide and has a gross registered tonnage of 1783 tonnes.
Namsov Fishing Enterprises is the largest operator in the mid-water trawl industry targetting horse mackerel. The company has made consistent and substantial investments in infrastructure and catch effort over many years. Incorporated in 1990 as a joint venture between Manica and Russian operators, Namsov quickly realised the key to profitable operations from a low-value commodity, was to control their own fleet.
On 31 August 2010, Namsov received its new mid-water behemoth, the MFV Jupiter. At that time it was considered the single largest investment in the fishing industry. The then Managing Director, Jan Arnold told the Namibian, the MFV Jupiter constituted an investment exceeding N$200 million. The motive for acquiring such a large vessel was to enable the company to catch and process 180 tonnes of horse mackerel every day during season.
This major capital investment was preceded, in 2009, by the acquisition of a vessel, the MFV Otaman Kalnyshevsky from Industrial Fishery and Shipping “Captain” Company Limited. At that stage, Namsove said the vessel has been acquired as part of a planned fleet renewal programme designed to upgrade the Namsov fleet profile to more modern vessels, with larger processing and storage capacities, which are expected to enhance efficiencies and productivity.
The MFV Otaman Kalnyshevsky was built in Germany in 1990.
The MFV Otaman Kalnyshevsky was acquired for a total sum of N$208.8 million. The consideration has been settled through N$130 million financing arranged by Namsov, through banking institutions in Namibia, with the balance settled from Namsov’s own cash resources. Namson Fishing Enterprises said it is committed to persue the shore-based processing of horse mackerel in line with the ministry’s aspirations, advising that board approval has been obtained to invest significant amounts of capital expenditure to create such a facility.
The shareholders of Bidvest Namibia are informed that on 10 April 2019, Bidvest Namibia received a Binding Conditional Offer (“”Offer”) from Bidvest Group, the majority shareholder of Bidvest Namibia, to acquire all of the shares held by the minority shareholders in Bidvest Namibia (“Bidvest Namibia Shareholders”) at 10.50 per share, which Offer will be subject to inter alia the successful passing of the De-listing Resolution as set out in the conditions, together with the take-over statement and Offer amounts to a takeover scheme.
Shareholders of Bidvest Namibia are informed that Bidvest Namibia has received a intended binding offer from Bidvest Group, the majority shareholder of Bidvest Namibia, in terms of which Bidvest Group intends to make an offer to acquire all of the outstanding ordinary shares in Bidvest Namibia not currently held by Bidvest Group, by way of a take-over scheme. The amount offered in terms of the Intended Conditional Offer is a cash only consideration of N$10.50 per Offer Share, subject to the successful passing of the De-listing Resolution as set out in paragraph 2 below.
Investors are referred to the NENS announcement released on August 31, 2018 relating to the finalization announcement of the sale by Bidvest Namibia of the entire issued capital of Bidvest Fisheries Holdings to Tuncar Fisheries. The results of Bidfish have been presented as discontinued.
Further to the cautionary announcement dated December 12, 2018, shareholders are advised that the Company has entered into discussions, which if successfully concluded, may have a
material effect on the price of the Company´s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in Bidvest Namibia´s securities until a final announcement is made.