LISTED FIRMS
Oceana fishing rights threatened as Namibia draws the line on quotas
Windhoek/Cape Town — Africa’s largest fishing company, Oceana Group, faces a battle to hold onto its fishing rights in Namibia after the government said listed firms would no longer be awarded quotas. Bidvest Namibia, which is listed on Namibia’s stock exchange, could also lose its local fishing rights after the policy shift, outlined in a government document reviewed by Reuters on Wednesday. Oceana, which is listed on South African and Namibian exchanges and also operates in Angola and the US, said it hoped its investments in Namibia would be safe as they were structured to include local shareholders. Bidvest Namibia CEO Sebby Kankondi did not respond to a request for comment. Namibia Fisheries Minister Bernhardt Esau said the government wanted to bar listed firms from applying for fishing rights in the country because it could not easily monitor whether they were owned by Namibian citizens, as required by law. "Ownership, and hence citizenship, in a company listed on a stock excha...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.