CCS employees now shareholders
24 September 2021 | Labour
Permanent employees of Commercial Cold Storage (CCS) Namibia now own shares in the company.
This was made possible through an empowerment agreement between CCS and the Erongo Harambee Workers Trust, established in 2017.
The agreement allows all permanent staff of Erongo Marine Enterprises (EME) and CCS to earn and own their 31% shareholding stake in CCS.
Charlett Kambongarera, chairperson of the Erongo Marine Harambee Workers Trust, said that as from 2021, permanent Namibian CCS employees with service of 12 months or longer would now also be able to share in company profits.
“Dividends will be declared on an equal basis annually. The CCS permanent workers will become part of the trust and will be represented on the board of trustees through elected CCS employees.”
The founder of the Erongo Marine Harambee Workers Trust and the managing director of Erongo Marine Enterprises, Dr Martha Uumati, said permanent employees of EME and CCS now have shares in both Oceana Group subsidiaries in Namibia through the trust.
“This is 31% shareholding in CCS and 15% in Arechanab Fishing and Development Company, a right holding company in which EME is a shareholder.”
Uumati said this signifies a step towards the private sector supporting government’s call for equitable wealth distribution.
“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.”
Since 2017, more than N$9 million has been paid out to employees annually, including in 2020 and 2021.
Uumati called on employees to take ownership of the shared responsibility to ensure the success of the company.
Agnessa Feris, a CCS employee, expressed her gratitude to the company.
“Thank you for this opportunity. Aside from our salaries, we can now look forward to extra cash in our pockets to feed our families.
“There are some people who really struggle financially, so we are extremely grateful. Thank you to the Namibian Ports Authority (Namport) as well for extending our lease for the next 10 years to ensure that we have jobs.
“We are thankful for job security and to be shareholders.”