30% Meatco equity for Government

Meatco Board Chairperson Martha Namundjebo-Tilahun

Meatco Board Chairperson Namundjebo-Tilahun, last week announced that the Minister of Agriculture, Water & Forestry Honorable John Mutorwa confirmed that Government will take 30% stake in form of equity at Meatco.

Speaking at Meatco’s 29th Annual General Meeting (AGM), Namundjebo-Tilahun, outlined the challenges the industry is facing, “the lingering effect of the 2013 drought has been compounded by the current drought which has become a national crisis which saw the Government respond with an N$350 million allocation livestock incentive scheme, fodder subsidies, subsidization of leased grazing amongst other things.”
The Chairperson cautioned the members saying; “It is clear to all of us that our industry is in a crisis and it will be to our detriment if we don’t apply our minds as well as interrogate everything that is presented to us as the implications of the contrary to all of us and our livelihoods cannot be ignored.”
“I will share with Corporation members the developments and I do this for transparency, as all these are major issues which have a material impact on you, the Meatco members”, assured Namundjebo-Tilahun.
Also speaking at the AGM, Chief Executive Officer Advocate Vekuii Rukoro, highlighted the company’s performance for the financial year 2013/2014. He indicated that the Corporation successfully recorded increased revenue by 14.61% mainly due to the additional Norway quota and weakening of the Namibian dollar against other foreign currencies.
Rukoro also reported to the Corporation members that Meatco commenced with Backwards Integration Projects namely Meatco Owned Cattle (MoC), Contract Feeding Scheme and Feedlot expansion.
Another key component highlighted by Rukoro was that, management focused on stabilizing prices during the year for more effective planning purposes.
“It is thus, important to focus on declining production needs to be addressed in order to ensure efficiencies and ongoing focus on improving stakeholders relations and building mutual confidence with government, producers, employees as well as customers,” said Rukoro.
In total Meatco slaughtered 116,771 (2013/14: 116,912) cattle during the reported year. Only 141 animals fewer than the previous year, representing less than a 1% decrease.