New printing press for Namibia
The facility, which will mainly cater for the printing of newspapers, books, advertising leaflets and pamphlets, is a joint venture between the local private business entities of Trustco Group International and The Namibian Newspaper.
The establishment of the press provides an employment opportunity for 22 workers who will receive on-the-job training under the supervision of engineers from the United Kingdom, who are well-versed in the operation of the new printing press.
In his address, President Pohamba stressed that while the flow of foreign direct investment into the country was one of the vital ingredients for the vibrant performance of the Namibian economy, he believes that home-grown companies of different sizes hold the key to Namibia’s industrialisation and to the success of the country’s efforts to address the challenges of unemployment and poverty.
“Namibian entrepreneurs should take the bull by the horn and capitalise on the favourable business climate that prevails in our country. We want to see more home-grown business emerging in various sectors of the economy, ” he said, adding: “In my view, the investors who established Free Press Printers (Pty) Ltd have answered that call. “
The opening of the facility coincided with Namibian Newspaper’s 21 birthday celebrations . The paper started as a weekly and over the years it grew to become a daily and president Pohamba said an important milestone had been reached by the newspaper by investing in a joint venture partnership with one of the fastest growing companies in the country.
Trustco, a wholly Namibian-owned private company was founded by Quinton van Rooyen in 1992 and has grown to include a number of diverse subsidiaries, among others, Legal Shield, Trustco Finance, the Institute of Open Learning, a property arm as well as agricultural export company, a newspaper, and now, the Free Press printing works.
The company has also recently been accepted for listing on the Namibian Stock Exchange. It will be the first retail listing since April 2003 and one of the highest capitalised wholly Namibian-owned companies on the NSX, ranking among the three largest companies in terms of the market capitalisation.
The group announced that it was making 30 per cent of their shares available to the public, while a substantial percentage of the shares is earmarked for the companies’ employees to enable them become shareholders and share in the wealth that they helped to generate.
Editor of the Namibian, Gwen Lister said at the opening that the printing press partnership between two independent was a groundbreaking achievement in which the partners demonstrate the importance of ploughing back into the Namibian economy.