Savanna Beef Processors has announced the company successfully raised N$146 million from Namibian beef producers.
A subscription rate of 73% on the offer.
“This was a massive success given the initial targeted raising of N$100 million from producers,” the company said.
Earlier in the year, the company led by the Beef Value Chain Forum (BVCF) put on sale, 200 million shares at N$1 each in which they sought to raise N$200 million to kick-start operations. An 88 page private placement memorandum seen by Business Express was shared with prospective producers under an established company named Savanna Beef Processors Limited.
In an interview recently, BVCF chairman Mecki Schneider told Business Express, “We are going to take the process of coming up with the abattoir step by step and assess every option available. We have offered our goodwill to various stakeholders including government. What we are going to do is to send out an expression of interest and go on tender to really establish how much it will cost us. Then, at the end of the year the shareholders will come together and decide what they want to do,” Schneider said adding that their priority was to ensure that the project is led by producers.
Business Express is also reliably informed that the task force pushing the project has been doing it without any compensation but at will.
Directors leading the placement are Siegfried (Mecki) Schneider, Johannes (John) Muinjo, Frederik Wolfgang Voigts, Harald Werner Marggraff, Eberhard Wolfgang (Ebbie) Fischer, Diethelm Metzger and Stefanus Johannes (Fanie) Oosthuizen.
The BVCF was established 20 November 2020 to deal with matters related to the beef producers industry. According to the Forum, the objective of the BVCF are to create a sustainable cattle slaughter and marketing industry to ensure a prosperous future for the Namibian beef industry through profitable beef exports, to investigate the probability of a new export abattoir based on the prefeasibility study and updating the latter to a full feasibility study with a bankable business plan and to inform and seek co-operation with all stakeholders in the livestock industry for this initiative.
On the other hand, Savanna Beef Processors Limited was formed and incorporated by the Founders in Windhoek, Namibia as a public company on 18 February 2022 with registration Number: 2022/0137, for the purpose of raising capital through a private placement and deploying the offer proceeds through acquisitions of viable assets in export abattoir industry in Namibia.
Savanna has not traded and has not conducted any business, other than in connection with the preparation of the private placement.