Windhoek — Hangala Group, a diversified holding company wholly-owned and controlled by Namibians, this week announced the establishment of a Trust to hold shares in the company for the benefit of the company's employees. The Hangala Group Employee Benefit Trust (HGEBT) will hold 10 percent of the company's ordinary shares for the benefit of employees who have been with the company for three years or longer.
From those employees, three have been elected by their fellow beneficiaries to serve as HGEBT Trustees, representing executive management, middle management and other staff, respectively. Hangala Group has interests in construction, financial services, agriculture and property development.
In construction, through its affiliate NMC Construction, Hangala Group has been involved in major development projects such as the SABMiller Brewery in Okahandja, the Shoprite Centre in Keetmanshoop, the Town Lodge in Windhoek and Gwashamba Mall in Ondangwa, just to name a few.
In the financial services sector, Hangala Group has partnered with Prescient Holdings, an investment house with a global reach based in Cape Town, and through HangalaPrescient currently has N$2.2 billion in local assets under management and another N$500 million earmarked for infrastructure financing in Namibia. Hangala Foods pursues operating investments in food production, processing and distribution. Hangala Properties has been involved in residential and commercial developments in Otavi and Windhoek. Hangala Group also holds a 30 percent stake in Hertz Namibia as well 20 percent stake in Conco Namibia.
"Our employees are at the heart of all the value we create in and for Namibia, and it is only fair that they should hold a stake in that value beyond their regular remuneration. We are thus extremely excited to launch this initiative which will bring them even more closely into our business and its fortunes," said Dr Leake S Hangala, Executive Chairman of Hangala Group.