Two subsidiary companies of the troubled Namibia Fishing Industries Ltd (Namfish) were placed under provisional liquidation by the Windhoek High Court on Monday. This will entail winding-up of Lalandii and Northern Fishing.
Namfish informed its shareholders and the Namibia Stock Exchange this week that it had applied in the High Court of Namibia for the provisional liquidation of the 2 wholly owned enterprises being the major operating companies of Namfish. The mother company cited continued adverse market conditions and poor catches causing operating losses low cash flow. As a result, the Board resolved on 14 February that Namfish could no longer provide further financial support to those subsidiaries. Trading of Namfish shares on the NSX was voluntarily suspended in early February, then only worth 40 cents.
By 30 April 2004, Namfish had losses of N$31 million and in 2003 N$ 31.5 million.