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Savanna Beef Processors raises N$169 million, N$31 million less of target

September 11, 2022

Savanna Beef Processors says it raised only N$23 million from a targeted N$54 million from its second capital raise which closed last week Friday.

This brings the total amount raised towards the establishment of a new export beef processing facility in the country to N$169 million from a targeted N$200 million.

“Applications for an additional N$ 23 million have been received from 158 applications (of which 51 were from existing shareholders and 107 new applications).”

In the first round of its capital raise which closed in June, the grouping raised N$146 million from 549 producers.

The Beef Value Chain Forum (BVCF) which is spearheading the facility establishment, while Cirrus Capital were appointed as the corporate advisor.

Namibia currently exports beef to the European Union, United States of America and China.

The country’s Northern Communal Areas (NCA) recently started beef exports to Ghana and Angola.

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Last modified on Tuesday, 13 September 2022 19:36