Martin Endjala
The Namibia Breweries Limited (NBL) will exit the Ohlthaver and List (O&L) Group as of 1 October.
This was announced last week by O&L in a notice to the employees of NBL.
“We wish to inform you that NBL will exit the O&L retirement fund as of 1 October. As such, all NBL employees will no longer form part of the fund as from this date,” read the notice.
NBL is no longer part of the O&L Group of companies following its acquisition by Heineken International in a transition that was approved in April 2023.
The group said NBL’s invested assets will remain unaffected in the fund.
It further disclosed that the fund’s trustees and NBL representatives are working together to ensure an orderly exit process for NBL members.
NBL spokesperson, Surihe Goamas-Guchu said NBL exiting the O&L retirement fund has been done in full compliance with the required laws and regulations on pension funds.
“All our employees are well informed on this development,” she assured.
NBL was established in 1920.
Despite a decline in beer sales by 13,7% due to challenging economic conditions, NBL’s net revenue increased by 15% to N$2,1 billion, according to its consolidated financial results for the 6 months that ended December 2023, released this year in April.
