Blog – Page 295 – News Stand

15 Aug

Trustco gives 9,3 million shares to directors

info_e12wt4csObserver MoneyQuinton van Rooyen

CHAMWE KAIRA Trustco Group Holdings Limited has proposed a one-time issuance of equity instruments to the Independent Non-Executive Directors (INEDs). The proposed share allocation is a total of 9 500 000 ordinary shares and will be issued as follows: Adv. Raymond Heathcote SC, Chairperson: 3 000 000 ordinary shares, Winton Geyser, Chairperson of the Audit and Risk Committee: 2 000 000 ordinary shares, Renier Taljaard, Independent Non-Executive Director: 1 500 000 ordinary shares, Janene van den Heever, Independent Non-Executive Director: 1 500 000 ordinary shares, Tom Newton, Independent Non-Executive Director: 500 000 ordinary shares, Richard Chetwode, Independent Non-Executive Director: 500…

15 Aug

Diamond mining to lose shine

info_e12wt4csObserver MoneyUranium growth

CHAMWE KAIRA The diamond mining sector is expected to register a contraction during 2024 and relatively low growth rates during the remainder of the forecast period, mainly due to weakened global demand and shifting of demand from natural diamonds to lab-grown diamonds, based on the latest Bank of Namibia latest statistics. The central bank added that growth of the uranium mining sector is expected to slow in 2024 on account of stripping activities at some of the mines. Uranium growth is then anticipated to increase in 2025, supported by improved spot prices. The agriculture, forestry and fishing sector is projected…

15 Aug

Letshego profits expected to be 15% to 20% higher

info_e12wt4csObserver MoneyLetshego Holdings Namibia Limited

CHAMWE KAIRA Letshego Holdings Namibia Limited reported to shareholders that profit after tax for the six months ending 30 June 2024 is expected to be materially higher, by between 15% and 20%, than what was reported for the comparative period. “Therefore, earnings per share and headline earnings per share for the six months ending 30 June 2024 is expected to be materially higher, by between 15% and 20%, than what was reported for the comparative period,” the company said. The company advised that the financial data upon which the trading statement is based have not been reviewed or reported on…

15 Aug

Time to unlock Africa’s tourism potential

info_e12wt4csObserver MoneyAfrica’s tourism

Africa is experiencing a tourism renaissance. Since 2022, the continent has seen a remarkable turnaround in its tourism fortunes, and it is enjoying an influx of foreign currency. Experts agree that now is the time to capitalise on this renewed interest in Africa as a tourist destination, as opportunities like this don’t come along very often. “Africa is in the best possible position to benefit from post-pandemic travel. In terms of tourism, the continent has grown significantly post-Covid 19, and according to the United Nations Tourism Report 2024, the continent has achieved a 96% recovery, which is driven by European…

15 Aug

B2Gold produces 48 143 ounces of gold

info_e12wt4csObserver MoneyOtjikoto Mine

CHAMWE KAIRA The Otjikoto Mine continued to outperform during the second quarter of 2024, producing 48 143 ounces of gold, above expectations as a result of higher than anticipated mill feed grade, B2Gold Corporation said. For the second quarter of 2024, mill feed grade was 1.79 grams per tonne (g/t), mill throughput was 0.85 million tonnes, and gold recovery averaged 98.6%. B2Gold said ore production from the Wolfshag underground mine for the second quarter of 2024 averaged over 1500 tonnes per day at an average grade of 4.69 g/t gold. As of the beginning of 2024, the probable mineral reserve…

15 Aug

Bannerman Energy raise N$110m for project

info_e12wt4csObserver MoneyDefinitive Feasibility Study (DFS), Etango Project

CHAMWE KAIRA Bannerman Energy Ltd has raised N$110 million by issuing new shares to investors. The money that was raised will be used for the developing of the Etango Project in the Erongo Region. The company confirmed that following the receipt of shareholder approval at the general meeting held on 12 August, tranche two of the placement announced 28 June had been successfully completed. Accordingly, the company has today issued 2,830,765 new fully paid ordinary shares to new and existing institutional and sophisticated investors at an issue price of A$3.30 per. The new share will raise gross proceeds of approximately…

15 Aug

Nationalisation in best interest of people or capitalism in the best interest of investors?

info_e12wt4csOpinionscapitalism, nationalisation

Kae Matundu-Tjiparuro What are Namibia’s economic priorities, especially as far as it relates to the owners of her natural resources who in the past did not only benefit from them but were also dispossessed of them and alienated from the? This question is utmost pertinent in view of the seeming lack of transformation in Namibia. Not only in view of this only but also cognisant of the overzealous search for investors. Whose investing in Namibia seems to be tilted more in their own interest then in the best interest of the country in terms of the benefits from the investments…

15 Aug

Hinda contemplates criminal charges following court ruling against Amupanda

info_e12wt4csNational NewsAmupanda, Maureen Hinda

Hertta-Maria Amutenja Deputy finance and public enterprises minister Maureen Hinda is considering laying criminal charges against Affirmative Repositioning leader and presidential candidate Job Amupanda. This comes after the High Court awarded her N$100 000 in a defamation case on Wednesday. Judge Collin Parker ordered Amupanda to also pay Hinda’s legal costs, following defamatory comments he posted on Facebook and Twitter. “I got the judgement for N$100 000 plus costs. That could easily reach about N$500 000 because the case was three years long. I could consider criminal charges if he does not stop. He is still making remarks on his…

14 Aug

ECN warned not to register Nandi-Ndaitwah for the presidential elections

info_e12wt4csMain

Martin Endjala Several Swapo members have written to Namibia's Electoral Commission (ECN) via their lawyer, Nicky Ngula, instructing the commission not to allow the registration of endorsed party presidential candidate Netumbo Nandi-Ndaitwah. They are Joshua Vaino Martins, Reinhold Nghihepavali Shipwikineni, Petrus Ndeshipanda Shituula, Erich Chrismann Shivute and Aina Kalimba Angula. “Our instructions are to advise that the Electoral Commission of Namibia, in the circumstances, should not allow the registration of Netumbo Nandi-Ndaitwah as a presidential candidate for the National Presidential Elections for 2024 as a result of her non-compliance with Article 15 (9) of the Swapo Party Constitution,” said Ngula.…

14 Aug

Economists warn that 25 basis points won’t ease the cost of living

info_e12wt4csNational NewsMonetary Policy Committee (MPC)

Martin Endjala Despite the central bank's move to reduce interest rates from 7.75% to 7.50%, economists argue that the 25 basis points are not sufficient to address the high cost of living. On 14 August, the Monetary Policy Committee (MPC) of the Bank of Namibia (BoN) decided to reduce the repo rate by 25 basis points (bps) to 7.50%. According to the BoN’s governor, Johannes !Gawaxab, the decision was made following a comprehensive review of domestic, regional and global economic developments. In reaction to the announcement, independent bank researcher and economist, Josef Sheehama told the Windhoek Observer that the BoN…