Niël Terblanché
Savanna Beef Processors (SBP) celebrated a significant milestone during its inaugural Annual General Meeting (AGM) where the company showcased remarkable achievements in the fields of engineering, financial planning and market engagement over the past year.
One of the most outstanding announcements was SBP’s successful capital-raising efforts, which have secured N$181 million to fund the construction of a state-of-the-art export beef-processing facility in Namibia.
In a statement, the company said it is actively pursuing a third private placement, set to close on September 7, with the goal of reaching N$200 million in total funding.
Several key developments were discussed during the AGM, providing insight into the company’s forward-looking strategies:
With regard to engineering activities and design details, SBP highlighted the progress made in engineering activities, focusing on the tender process and engagement with a preferred bidder. Special attention was given to design details aimed at ensuring both optimal meat quality and cost efficiency.
The company presented a comprehensive that outlines how the project would be financed. In this regard, SBP successfully secured increased equity and debt capital, reflecting strong investor confidence in the endeavour.
The company’s local and international marketing efforts were extensively reviewed. SBP is actively working to penetrate traditional markets while simultaneously expanding into new ones, including the United States of America and China.
According to the statement, shareholders overwhelmingly approved four special resolutions during the AGM, with 99 percent of support for shareholder equity. The main resolution granted consent to release the shareholder equity (currently N$181 million) to the SBP board, effectively paving the way for the construction of the proposed abattoir and processing facility.
SBP’s commitment to stabilizing Namibia’s beef value chain was highlighted by plans to retain an additional 50,000 weaners for local raising and slaughter. This initiative aims to reduce the export of live cattle to South African feedlots.
Shareholders were informed that only N$19 million in shares remained available for subscription, urging AGM attendees to seize the opportunity to acquire slaughtering rights in the new facility.
With shareholder consent secured for the construction phase, SBP is now shifting its focus toward finalizing the detailed design of the cutting-edge facility. The statement said that the successful AGM outcomes and robust support from shareholders mark a significant turning point for Savanna Beef Processors, signalling the culmination of extensive efforts and activities to bring this visionary facility to fruition.
“SBP’s unwavering commitment to quality, value addition, and sustainable practices is evident in its initiatives,” the statement reads.
The commitment promises a positive and transformative impact on Namibia’s beef industry, further solidifying the company’s presence in the international market.
“The future looks promising for Savanna Beef Processors as it continues to forge ahead in its pursuit of excellence within the agricultural sector,” the statement said.
