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Media Release
Pupkewitz Motors Pays Dividends to NIDA
Friday, 14 January 2022, Windhoek
Pupkewitz Motors North (Pty) Ltd has paid the Namibia Industrial Development Agency (NIDA) N$ 4 million in dividends as part of its Public-Private Partnership (PPP) agreement for the 2020/2021 financial year. NIDA is a 40% shareholder in the company, which comprises the dealerships of Northern entities, Pupkewitz Toyota Rundu and Pupkewitz Toyota Oshakati.
Acting Managing Director of Pupkewitz Motors, Anton Westraadt, commented, ‘The partnership between Pupkewitz Motors and NIDA is testimony to a successful PPP where a clear common goal, coupled with good governance and experienced management, serve both parties’ long-term interest.”
NIDA has held a stake in Pupkewitz Motors North since 2000 following a Joint Venture Agreement, which began after Amalgamated Commercial Holdings (AMCOM) was integrated into the former Namibia Industrial Corporation (NDC) to revive Toyota Motors dealerships in the northern areas of Namibia.
The venture has since been managed on a sustainable and profitable basis. On receipt of the N$ 4 million dividends, NIDA CEO Mihe Gaomab said, “It is commendable this venture continues to make contributions to the national economy through job creation along with utility and taxation payments. It is also good to see the improvement in the availability of Toyota motors vehicles, parts, and vehicle servicing in the northern part of our country.”
Despite tough trading and economic conditions resulting from the pandemic during the 2020/2021 financial year, Pupkewitz Motors North has produced healthy financial results while simultaneously investing in the company and local communities.
Retained earnings have allowed Pupkewitz Motors to upgrade Toyota Oshakati, and the company has earmarked N$ 12 million for the ongoing upgrade of the Toyota facility in Rundu. Both facilities have received improvements to ensure the standards expected within a high-quality Toyota dealership are maintained and that customers have a pleasant experience when visiting the dealerships.
The Toyota Oshakati and Rundu branches have also made monetary and in-kind contributions towards local communities by partnering with schools, local authorities, and other NGOs on various projects. These included contributions towards sports teams and events, orphanages, and other projects such as breast cancer awareness and cleaning campaigns and the Independence Day celebrations.
Contact: Anton Westraadt
Acting Managing Director
Pupkewitz Motors
Tel: 061 291 6900
