The Windhoek Country Club Resort and Casino (WCCR) handed over N$6 million in preference shares to its shareholder, the government, through the ministries of public enterprise, as well as environment and tourism yesterday. The event took place at the Country Club grounds, where representatives from the government met the hotel's management team.
At the occasion, Sven Thieme, chairman of the Board of WCCR, said he was again extremely pleased with the performance of the WCCR and the fact that they were, once again, able to give back to the shareholder.
"The WCCR has more than N$50 million in cash resources and is, thus, in a very healthy financial position. We are grateful for the fantastic co-operation we have received from government since 2004 and firmly believe that the impossible is possible when everyone works together".
On behalf of the government as the main stakeholder was Bernadette Maria Jagger, Deputy Minister of Environment and Tourism, who applauded the performance of the WCCR and said it was a rarity that a company stepped up their game as WCCR has done. "We appreciate and commend the WCCR and the positive impact they have made.
Keep up the good work and continue to work hard."
Leon Jooste, Minister of Public Enterprises, stated that the WCCR was extremely well-managed and is a world-class asset, with a world-class board and management, which has appointed world-class staff. "I would like to add that this is probably the best run public enterprise in Namibia and all credit goes to them for being a quality asset to their shareholder."
Jooste pointed out that public enterprises have two main purposes which are to run businesses on behalf of the government as a shareholder and to own assets on behalf of the state. He said WCCR as an asset of the government is extremely well-owned and managed.
"If they failed at managing this asset the way they have, then the business could have suffered as a result." He continued that due to being well-managed, this asset remains world-class and is completely competitive with brand new assets that have been built recently in the sector. He commented the hotel's management for maintaining the quality of the asset and growing wealth through it. Windhoek Country Club Resort and Casino was established in 1994 and is celebrating its 25th anniversary this year.