N$590m asset-rich August 26 sheds old skin

01 November 2019 | Government

The August 26 Holding Company, which has been operating under a thick veil of secrecy, has announced plans to rebrand and triple its dividends from N$8 million to N$20 million.

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.

[email protected]

JEMIMA BEUKES

Similar News

 

Covid hits Cabinet, Swapo

20 hours ago | Government

OGONE TLHAGEWINDHOEKYesterday's routine cabinet meeting was held virtually after a senior official in that arm of government allegedly tested for Covid-19, while the ruling party...

Harambee goal down the toilet

6 days ago - 06 August 2020 | Government

Jo-Maré Duddy WINDHOEK Of the 50 000 toilets in informal settlements in rural areas President Hage Geingob promised in his Harambee Prosperity Plan (HPP)...

So long Jerry Beukes

1 week ago - 05 August 2020 | Government

The Chief Executive Officer (CEO) of Namibia Training Authority (NTA), Jerry Beukes resigns after four years. This resignation is effective as of 30 September 2020....

Journalist lands in trouble for Fishrot question to Geingob

1 week ago - 03 August 2020 | Government

OGONE TLHAGEWINDHOEKNamibia Press Agency (Nampa) journalist Edward Mumbuu has found himself in hot water with his employer after he asked President Hage Geingob a Fishrot-related...

PM spearheads bold govt innovation moves

2 weeks ago - 28 July 2020 | Government

ELLANIE SMIT WINDHOEKGovernment is set to implement pilot one-stop service centres with online portals to facilitate shared public services through its newly launched public sector...

Officials 'sabotaging' Swapo-led government

4 weeks ago - 15 July 2020 | Government

KENYA KAMBOWERUNDUNational Council audit committee chairperson Lebbeus Tobias has described the neglect of borders and challenges faced by border staff as “sabotage” of the Swapo-led...

'Geingob desperate to win in November'

1 month - 13 July 2020 | Government

Kenya KamboweRUNDU President Hage Geingob's virtual meeting with the country's regional governors this past Friday is a sign of desperation.This according to political commentator Ndumba...

NUNW lashes Katjavivi over Nujoma insults

1 month - 10 July 2020 | Government

ELLANIE SMITWINDHOEK National Union of Namibian Workers (NUNW) secretary-general Job Muniaro has lashed out at National Assembly speaker Peter Katjavivi for failing to maintain order,...

Iithete says ministerial contract ended gracefully

1 month - 07 July 2020 | Government

STAFF REPORTERWINDHOEKFormer finance deputy minister Natangwe Iithete has reacted publicly for the first time to losing his job, saying his contract as deputy minister had...

I'm not Kalimbo's grandfather – Utoni

1 month - 06 July 2020 | Government

STAFF REPORTERWINDHOEKLabour minister Utoni Nujoma has dismissed claims that he shouted expletives at Namibia Economic Freedom Fighters (NEFF) MP Kalimbo Iipumbu in the National Assembly...

Latest News

Samcee brings ‘Divine Comfort’

8 hours ago | Art and Entertainment

Swakopmund • [email protected] and gospel musician Samson ‘Samcee’ Chivi (21) recently released his third album, Divine Comfort.Born in Kwekwe, Zimbabwe, Samcee came to Namibia with...

Nam haemorrhaging jobs

20 hours ago | Economics

Jo-Maré Duddy – The impact of Covid-19 and the ongoing recession claimed 5 748 jobs in the three months to the end of June.This is...

Man charged with girlfriend's panga...

20 hours ago | Crime

TUYEIMO HAIDULAOSHAKATIA 36-year-old woman died after she was hacked with a panga at her mother's homestead at Ouhwaala village in the Omusati Region on Sunday.Her...

Covid hits Cabinet, Swapo

20 hours ago | Government

OGONE TLHAGEWINDHOEKYesterday's routine cabinet meeting was held virtually after a senior official in that arm of government allegedly tested for Covid-19, while the ruling party...

Fishrot whistleblower rubbishes Samherji's loss-making...

20 hours ago | Crime

OGONE TLHAGEWINDHOEKWhistleblower Johannes Stefansson, who formerly headed Icelandic seafood giant Samherji’s Namibian business interests, has cast doubt on claims by his former employer that its...

Land surveying starts at Okahandja

20 hours ago | Economics

The ministry of urban and rural development has started the land surveying process at Ekunde Extension 5 in Okahandja in efforts to speed up land...

Africa Briefs

20 hours ago | Economics

Egyptians vote for newly created senatePolls opened in Egypt yesterday for a two-day election to choose members of a newly created second chamber of parliament,...

Pads restore dignity at Ncamagoro

20 hours ago | Social Issues

KENYA KAMBOWENCAMAGOROAbout 40 women and girls at Ncamagoro village in Kavango West received free sanitary pads on Monday, donated by anonymous benefactors from the Namibia...

Youth at the periphery of...

20 hours ago | Opinion

With this year's regional and local authority elections a mere two months away, young people are again being elbowed to the edge.In political parties, strategies...

Load More