By: Staff writer
Namcor says it has spent N$550 million to settle some of its N$1,1 billion debt to international oil seller Gunvor.
This comes after the company received a N$1.2 billion lifeline from state coffers.
Namcor said the bailout helped it restore its financial credibility and strengthen relationships with trading partners.
In a statement issued last week, the company said it has now transformed its operations after it addressed both internal and external challenges.
This included the termination of Namcor managing Director Immanuel Mulunga contract in August.
“From financial restructuring to operational realignment, we have taken major steps to turn around the company’s performance, foster accountability, and create a culture of excellence,” the statement reads.
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