AFTER months of controversy surrounding the youth-led agribusiness company on the fate of shareholders’ investment funds, the firm has now hired an expert from Netherlands to help it develop a new business plan as a rescue measure.
The move is expected to ensure that the vision and goals of the company are fulfilled, including ensuring that interests of all investors are protected, according to Acting Director of JATU PLC, Mr Mohamed Simbano.
At a press conference on Tuesday this week, Mr Simbano introduced a consultant in finance, projects and business from the Netherlands, Mr Ben Philipsen from PUM Netherlands Senior Experts Institute.
Mr Philipsen will be in the country for 14 days with the aim of helping the company develop a new business plan that will be in line with the company’s vision.
Speaking while introducing the consultant, Mr Simbano said Mr Philipsen will join the financial and capital experts, Luzane Financing and InterCapital Advisory Services, who are currently working to prepare the company’s work plan.
Simbano added that the main goal is to increase the company’s capital in order to settle all debts by sitting down with creditors to see how they can run the existing projects and end challenges that have cropped up.
“The company will cooperate with other internal and external stakeholders, including shareholders, farmers, consultants, institutions and the government to complete the exercise and bring about change in the company,” he emphasised.
He concluded by thanking President Dr Samia Suluhu Hassan and the Ministry of Agriculture for being with them from the beginning, promising that they will continue to cooperate to make the company sail through this difficult moment.
On his part, Mr Philipsen said one of the things that attracted him to come to the country to help the company was its sustainable operating system.
“It is a system that, if well managed, is sustainable; this is one very good feature, so this is a system that will live,” he said.
Earlier, when welcoming Mr Philipsen, the Chairman of the Board of JATU PLC, Eng Dr Zaipuna Yonah, assured farmers and investors that nothing will be lost, but they should realize that investment takes time and has challenges.
“But, since the intention is still there and we are thankful that we have various experts as you can see, JATU has an international vision and we are thankful that our consultant has accepted this process which started three months ago, now the time has come to complete the changes that we started,” said Eng Dr Yonah.
On his part, Iyen Msemwa, who is the Chief Executive Officer of Archo Ltd, which is also a consultant firm of Jatu Plc, said he will ensure that procedures of the stock market are followed.
