National YouthService receives N$10m dividend

The Namibia Grape Company has paid its first dividend of N$10 million to the National Youth Service (NYS).

The NYS has said the money will be used to recruit more people and enhance agricultural projects.

In a ceremony held yesterday, the company announced that it had signed a partnership agreement with global fruit marketer Capespan that will run through 2045.

Namibia Grape Company is fully owned by the National Youth Service after it was officially handed over by the government in October 2021 as part of a broader strategy to enhance youth participation in productive economic sectors.

Speaking during the ceremony, the chairperson of the Namibia Grape Company, Richwell Lukonga, said the new agreement establishes a commercial partnership in which the company holds a 51% interest, while Capespan holds 49%.

“The purpose of the renegotiation was to ensure that the NYC fully participates in the business, rather than merely leasing the farm to Capespan. This arrangement enables [the company] to participate proportionally in both operations and profit sharing,” said Lukonga.

Lukonga added that this is the first dividend payout to shareholders and additional shareholders are expected to receive their dividends in due course.

Board member Tobias Nambala said in a speech on behalf of board chairperson Emmerentia Leonard that the dividend plays a pivotal role in advancing the delivery of the NYS mandate in several meaningful ways.

“It supports the goal of producing skilled, employable and entrepreneurial youth by reinvesting the dividends into increasing youth intake in its programmes and upgrading training facilities,” said Nambala.

He added that the NYS will recruit 1 000 young people for its 16th intake, compared to the 750 trained in the previous year.
Additionally, a portion of this dividend will be allocated to agricultural production to maximise production for self-sustainability and contribute towards food security.

“The agricultural investments will, in turn, create employment, internship opportunities and work integrated learning placements for NYS trainees, as well as students from other institutions,” said Nambala.