NamibRe declares N.dollars 6.15 million dividend to Government

The Namibia National Reinsurance Corporation Limited (NamibRe) declared aN.dollars 6.15 million dividend to the government of Namibia, its shareholder, in the financial ended 31 March 2018.

The dividend represented a 23 per cent growth from that of the previous financial year, which stood at N.dollars 5 million.

Speaking at the official dividend handover held in the capital on Tuesday, Deputy Minister of Finance, NatangueIthete said NamibRe has managed to fulfill its mandate to declare dividends to the Namibian government at the end of each financial year.

Ithete shared that over the past five years,NamibRe had declared cumulative dividends of N.dollars 16.65 million to the government.

In the midst of economic challenges, NamibRe has managed to stay true to its mandate and bring returns for the shareholder. NamibRe heeded to our calls to employ restraints in expenditure and minimise reliance on government funding as this is unsustainable, he said.

Speaking about reliance of government funding, Ithete said public enterprises were established assist government in growing the economy and providing affordable services to the industry and the public and not to be cost-liabilities with constant bail-outs.

Government can no longer afford bail-outs, he added.

Ithete said public enterprises should live up to their mandates and deliver on their promises of providing good quality public services, paying dividends and increasing shareholder value and wealth.

Now is the time for public enterprises to drive the economy by contributing to gross domestic product, fiscus and job creation through taxes and dividends, he said.

Source: Namibia Press Agency