CHAMWE KAIRA
Savanna Beef Processors Limited has confirmed the issuance of 40 million ordinary shares following the completion of a privately negotiated subscription agreement, strengthening the company’s capital base and increasing its total issued share capital.
In a notice released on the Namibia Securities Exchange (NSX) on Tuesday, the company said the subscription agreement was originally concluded in October 2023, with all conditions attached to the transaction fully completed in January 2026. As a result, the new shares were issued during January 2026.
Following the transaction, Savanna Beef Processors’ issued share capital increased to 290,004,000 ordinary shares.
The company, which aims to become a major beef producer in the country, has seen investors invest about N$400 million into the company to date, including N$290 million in private equity funding and N$40 million from BPF Windsor Holdings Ltd.
The announcement comes as the company prepares for its annual general meeting, where shareholders will consider a range of governance and operational matters.
Among the key items on the agenda is the adoption of the company’s annual financial statements for the year ended 28 February 2025.
Shareholders will also vote on the reappointment of Grant Thornton Neuhaus as independent auditors for the ensuing financial year, with the board authorised to determine the auditors’ remuneration.
Board composition will also be reviewed during the meeting. In accordance with the company’s Articles of Association, non-executive directors D. Metzger, H.W. Marggraff and J. Muinjo will retire by rotation and will be eligible for re-election.
Shareholders will vote separately on the reappointment of each director, while any additional nominations received will also be considered.
The company is further seeking shareholder approval to grant directors a general authority to allot and issue authorised but unissued ordinary shares, subject to the provisions of the Companies Act.
If approved, the authority will remain in place until the next annual general meeting unless revoked earlier by shareholders.
Another resolution will authorise the board and its designated representatives to implement all resolutions adopted at the meeting.
Savanna also disclosed that no remuneration was paid to non-executive directors during the financial year ended 28 February 2025. The company said a remuneration policy would be presented to shareholders at the next annual general meeting.
The meeting will conclude with the presentation of the chairman’s report, an operations report and the announcement of election results. Savanna Beef Processors is listed on the NSX under the share code SBF.
