Erongo Marine Harambee Workers Trust has paid out more than N$9.3 million to 207 employees, with each beneficiary receiving N$45,000 before tax.
The beneficiaries are permanent employees of Erongo Marine Enterprises and Commercial Cold Storage Namibia.
According to the Trust, the pay-outs were funded through dividends received from Arechanab Fishing and Development Company and Commercial Cold Storage Namibia, where the Trust holds equity interests.
Trust Chairperson Charlett Kambongarera said the annual distributions continue to provide meaningful financial support to workers during difficult economic conditions.
“The consistency of the Trust’s annual pay-outs is something we are immensely proud of. In an environment where many Namibians are experiencing economic strain, it is important to highlight initiatives that continue to deliver real value and tangible support to workers year after year,” she said.
The Trust was established in 2017 by Erongo Marine Enterprises as part of efforts to advance broad-based economic empowerment within Namibia’s fishing sector.
It gives permanent employees a direct stake in Arechanab Fishing and Development Company, a horse mackerel right-holding company in which Erongo Marine Enterprises is a shareholder.
In 2021, the Trust expanded its investment portfolio after acquiring equity in Commercial Cold Storage Namibia, one of the country’s largest cold storage facilities located at the Port of Walvis Bay.
The latest distribution marks another consecutive year of pay-outs since the Trust’s establishment.
According to the Trust, more than N$40 million has been distributed to beneficiaries since inception.
The Board of Trustees also acknowledged the role played by Arechanab Fishing and Development Company, Commercial Cold Storage Namibia and Erongo Marine Enterprises in sustaining the initiative and supporting employee participation in equity-based empowerment within the fishing value chain.
