At the AGM, shareholders approved auditors fees of US$70 000 and directors fees made up of US$12 240 for the chairman, US$7 440 for the audit committee chairperson and us$39 660 for the rest of the board members.
Hollingworth said Afdis will spend $953 000 in capital expenditure to replace its boiler and beef up its inter-city distribution fleet.
Afdis said it is aiming to grow sales volumes by re-aligning the distribution model to ensure that the product is available on the shelf all the time and this will be made possible by establishing depots, enhancing the distribution chain and working with wholesalers.
Hollingworth said in the past year the business’ major challenge was working capital or “lack of cash” as a result of the low capacity utilisation but the problem has since been addressed.
He noted that the strategy for the next 3 years for the business is based on the findings of a market research exercise that Afdis carried out to assess the needs of the market and how best they can be met.
Based on the findings of the market research conducted, Afdis has responded by improving its product presentation to create a lasting image in the market by standardising its packaging.
“We took over a new generation bottle for our products from Distel and we have started with Chateau and will do the same for rest of the products,” said Hollingworth.
Post published in: Business