KARAS SOLD TO NAMIBIAN / SA CONSORTIUM
KEETMANSHOOP (Namibia) – Karas Abattoir and Tannery Processors has been sold by the Namibian Government Institutions Pension Fund (GIPF) to Brukarros Meat Processors, a consortium made up of two Namibian groups and two South African companies. The consortium is scheduled to officially take control from January 1.
The Namibian companies, Frans Indongo group and Naneni group, are investors, and will hold 50.1% of the company when negotiations are finalised before year end.
The South Africans are Dr Kabols le Riche, a meat trader, and SA Dorper Export Co., a South African/Italian company which exports sheepskins.
On the skins side, Karas would give SA Dorper a guaranteed source of supply. Until now, the company has had to compete for a share of the very competitive skins market in SA.
Tega Shiimi ya Shiimi, CEO of Sanlam Investment Management Namibia, which acts as development capital portfolio manager for the GIPF, said Karas had struggled under “quite a heavy debt burden”, which had led the GIPF to decide to sell.
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