29 Jul Poultry farm receives IDC support and creates positive impact in North West
JK Abattoir (Pty) Ltd was recently established to offer a wide range of fresh and frozen poultry products from its production and processing facility in Potchefstroom, North-West province. The company says it intends building a poultry abattoir processing facility, which will be integrated with the poultry farm. Demand and consumption of chicken meat is increasing both globally and in South Africa, and the business is expected to have a significant development impact in a poor province through the creation of 565 direct jobs.
With R210 million financial support from the Industrial Development Corporation (IDC), as well as a combination of investments from other loan providing sources, the company intends to become a fully integrated poultry business, which is in pursuit of IDC’s industry development goals of increasing capacity and supporting transformation objectives through direct black economic empowerment.
The company’s Chief Financial Officer, Ms. Nthabiseng Maidi, who is a qualified chartered accountant, is also an 11.6% shareholder in JKA. Maidi has garnered several years’ experience within the financial services industry and demonstrated a strong knowledge in financial controls.
Ms. Maidi also serves as an executive director responsible for all financial decisions as well as advise on operational matters affecting the business.
JKA has a developmental impact that supports IDC’s objective of bringing support to an ailing poultry value chain, which has been hampered by several challenges including drought, threat of imports, dumping and predatory trade practices. Agro-processing linked to backward integration is considered a pro-active value chain opportunity for the IDC.
“Furthermore, the JKA investment would facilitate the inclusion of historically disadvantaged individuals within the formal value chain, and encourage transformation. It will also support the establishment of a BEE Workers Trust to acquire 16% shareholding within JKA” the IDC said.