N$590m asset-rich August 26 sheds old skin
01 November 2019 | Government
This was revealed in the company's strategic plan that was launched yesterday by the company chairman, Colonel Mox Shafashike.
According to him the company is also looking at raising its capital to N$155 million and reducing its debt by 40%.
At the same event, defence ministry deputy executive director Dr Willemina Shivute said the company had an asset base of N$591 million and had diversified its investments from one subsidiary to ten in the last 21 years.
Deputy defence minister Billy Mwaningange said he was happy to see that the standards were set high in the strategic plan and added that the rebranding came at the right time.
“The nation does not know that the defence industry does not receive state funding and therefore is not subject to scrutiny by agencies responsible for accounting public funds. Since the corporate image of the company was mired in negative publicity, rebranding should be the only way out of this morass,” he said.
He said the rebranding would save the defence industry from “unfriendly rhetoric” by some Namibians who cling to the era of “white privilege and obsessive Eurocentric chauvinism” and refused to see the good August 26 was doing.
Mwaningange also urged management to remain objective and free from external influences as they grow the company.
“There is a saying that in Namibia of our times, when news of investment comes in at the door camaraderie flies out of the window. Directors and managers become deadly enemies. A plethora of speculative fantasies take centre stage and the work of the company stalls. Therefore I appeal to you to shape yourselves into an organisation of universal virtues and brighten up the way for others to emulate,” he said.
The August 26 Holding Company is a wholly government-owned company under the ministry of defence.