Namibia: Namibia Breweries to take over the equipment and brands of craft brewer Camelthorn Brewing
Namibia Breweries is set to take over the equipment and brands of the financially troubled micro brewer, Camelthorn Brewing, All Africa reported on November 28.
"Namibia Breweries is not planning to take over the brewery but rather planning to purchase the brewing equipment and established brands," Managing Director Wessie van der Westhuizen said.
The two companies are in the final stages of an agreement that will see Namibia Breweries taking over Camelthorn and also paying part of the debt the company owes the Development Bank of Namibia, The Namibian learnt from sources familiar with the deal agreement.
Van der Westhuizen said the deal between the two companies was subject to approval by the Namibian Competition Commission. Early this month, the High Court granted a default judgement in favour of the Development Bank of Namibia (DBN) to attach the assets of the Windhoek-based Camelthorn Brewing over a debt of N$11.8 million with interest, which the brewing company has failed to honour. On November 26, Camelthorn founder Jцrg Finkeldey declined to comment when asked about the talks with Namibia Breweries. The court authorised the Deputy Sheriff for Windhoek to take, on behalf of the DBN, all moveable assets including machines, stock and work in progress, loan accounts, licences, quotas, registration certificates, cash in hand and on deposit. The capital and interest of the loan had to be repaid in 111 equal instalments with the first payment set for January 2010 and the last one was due in March 2019. However, Camelthorn stopped the payments from 31 January 2011. On November 28, DBN CEO, Martin Inkumbi said in an interview that the bank attached Camelthorn's assets because it was the 'usual way of protecting its interest.' But he said the DBN and Camelthorn shareholders are continuing discussing the settlement arrangement of the loan. "We hope to conclude in the next few weeks," he said.
Camelthorn's minority BEE shareholder is Hanganeni Investment Holdings. Camelthorn received its brewing licence in 2008, the first issued in Namibia since the 1920s. In the meantime, South African beer giant SABMiller has awarded a brewing license in Namibia and is building a brewery in Okahandja.
29 November, 2013
