Savanna Beef Processors in its latest update, says it has now raised N$16.52 million from a targeted N$54 million, a week after opening its second capital raise which is due to close on the 9th of September 2022.
According to the grouping of Namibian beef producers planning to establish a new export beef processing facility, of the 75 applications received thus far in the second round, “53 were from new shareholders contributing N$14,118 million of the total sum of N$16,520 million.”
The Beef Value Chain Forum (BVCF) which is spearheading the facility establishment, is targeting to raise N$200 million in total and has enlisted Cirrus Capital as its corporate advisor.
In the first round of its capital raise which closed in June, the grouping raised N$146 million from 549 producers.
The planned invested in the beef value chain by BVCF, comes as Namibia has secured new export markets for its beef.
Besides the traditional market of the European Union, Sweden and Norway, Namibia now exports beef to the United States of America and China.
Beef from the Northern Communal Areas (NCA) has also found markets in Ghana and Angola.
