JUST IN: Savanna: Farmers pledge an additional N$6.4 million

Livestock producers' shares in Savanna Beef Processors (SBP) surpassed the 90% mark this week, with investment applications from farmers totaling N$6.444 million during the third investment round. This means that farmers' total shares in the abattoir amount to over N$180 million. This comes as SBP opened a third investment round for Namibian livestock producers on Friday, 14 July, with the aim of raising the remaining N$26.432 million. This would bring farmers' investments to a total of N$200 million. According to a statement issued by the SBP management committee, livestock producers are eager to invest, and a rush for the opportunity is expected by 23 August when SBP is set to hold its annual general meeting. The SBP board previously stated that this would be the last opportunity for Namibian livestock producers to purchase shares through private placement and become SBP shareholders. The third investment window will close again at 12:00 on 7 September. The results of the third investment round will be announced on or after 14 September.