Observer Money – Page 111

14 Sep

Trustco announces share buyback programme

info_e12wt4csObserver MoneyTrustco announces share buyback programme

Martin Endjala Trustco Group Limited (Trustco) has announced the establishment of a share repurchase program to be executed during its closed period which commenced on 1 September 2023, under the buyback programme, Trustco or a subsidiary may repurchase up to N$197 million shares directly or N$98 million shares via a subsidiary, subject to Johannesburg Stock Exchange (JSE) listings requirements. The Deputy Chief Executive Officer of Trustco Group Holding Quinton Van Rooyen said the group is constantly exploring strategies to boost shareholder value and has observed significant fluctuations in their share price, from a high 1600 cents per share in January…

13 Sep

Namfisa to host 46th SADC non-banking authorities meeting

info_e12wt4csObserver MoneyCISNA, Namfisa to host 46th SADC non-banking authorities meeting

Martin Endjala Namibia Financial Institutions Supervisory Authority (Namfisa), will host the 46th meeting of the Committee of Insurance, Securities and Non-Banking Financial Authority (CISNA) of the Southern African Development Community (SADC) in Swakopmund from 1-6 October 2023. Namfisa Chief Executive Officer Kenneth Matomola, who also serves as CISNA Chairperson, reiterated yesterday that the committee is committed to achieving SADC’s objectives by translating the objectives into actionable programmes and projects to ensure that they are attained within a specified timeframe. He said the key focus area of the convening meeting includes harmonisation of the legislative and supervisory framework, capacity building, marketing…

08 Sep

Trans-Kalahari Railway construction scheduled for 2025

info_e12wt4csObserver MoneyMmamabula in Botswana, Trans-Kalahari Railway project

Chamwe Kaira The construction of the ambitious Trans-Kalahari Railway project, a collaborative effort between Namibia and Botswana, is poised to commence in January 2025. The project’s price tag is projected to amount to billions of US dollars. Spanning 1500 kilometers, the railway line will stretch from Mmamabula in Botswana to its final destination, Walvis Bay, primarily serving as a conduit for transporting coal and copper from Botswana. In a recent announcement, the two nations disclosed their plans to initiate a call for Expressions of Interest (EOI) from interested parties starting from September 6 to November 8. The Trans-Kalahari Railway is…

08 Sep

Phase one completed at Omaruru lithium project

info_e12wt4csObserver MoneyPhase one completed at Omaruru lithium project

Phase one of the Omaruru Lithium Project has been successfully completed, Osino Resources Corporation reported this week. The company said Prospect Resources Limited, the majority owner on the project, will now proceed with phase two of the earn-in agreement. In the fourth quarter of 2022, Osino entered into an Earn-In and Shareholder Agreement with Prospect, granting Prospect the right to acquire a 40% interest in the project upon the completion of phase one and the potential to increase it to 51% upon completion of phase two. Prospect has the opportunity to earn up to an 85% interest in the project,…

08 Sep

Meatco to maximise key premium markets

info_e12wt4csObserver MoneyMeatco to maximise key premium markets

Chamwe Kaira Meat producer, Meatco plans to maximize its returns and improve its revenue by focusing on the key premium markets, that is, Norway, Europe, UK, China and USA. Norway remains a strategic premium market from which Meatco derives significant revenue from the allocated quota of 1,200 tonnes for 2023, the company said in the 2022/23 annual report. Meatco said international realisation for the period under review increased by 15% to N$121.60/kg versus prior year (2023: N$106.50/kg). Meatco obtained a 33.33% interest in GPS Norway AS on 19 May 2014. GPS Norway AS is a Norwegian registered company with the…

08 Sep

Gold digger pursing local investors

info_e12wt4csObserver MoneyGold digger pursing local investors, Twin Hills Gold Project i

Chamwe Kaira Osino Resources, the Canadian gold exploration and development company that is focused on developing its wholly owned, Twin Hills Gold Project in central Namibia recently dual listed on the Namibian Stock Exchange.The company views Namibia is a good investment destination and has stated that its core projects are favourably located north and north-west of Windhoek and that by virtue of their location, the projects benefit significantly from Namibia’s well-established infrastructure with paved highways, railway, power and water in close proximity.Osino has further said Namibia is mining-friendly and lauded as one of the continent’s most politically and socially stable…

08 Sep

Exports to African markets reach N$4.9 billion

info_e12wt4csObserver MoneyExports to African markets reach N$4.9 billion

Namibia’s exports to African markets reached N$4.9 billion in July. The figure was contained in the Namibia Merchandise Trade Statistics Bulletin for July released by the Namibia Statistics Agency. In terms of imports, the country sourced goods from Africa worth N$4.7 billion in July of which N$ 4.6 million was sourced from Mauritius. In its monthly focus, the report looked at Namibia’s trade with Mauritius. Namibia exported goods worth N$186.5 million during the period 2015 to 2022, while on the demand side, imported goods amounting to N$604.9 million over the same period were sourced from Mauritius. The export basket to…

08 Sep

NedNamibia expects GDP to reach 3% in 2023 and 3.4% in 2024

info_e12wt4csObserver MoneyNedNamibia expects GDP to reach 3% in 2023 and 3.4% in 2024

Chamwe Kaira NedNamibia Holdings (NNH) Group, the mother company of Nedbank Namibia expect the South African economy will expand by a lacklustre 0.3% in 2023, firming to only 1% in 2024. Namibia will fare better, but we still forecast economic growth to dip from 4.6% in 2022 to 3% in 2023 and 3.4% in 2024. This was revealed in interim results for the six months ended 30 June 2023. The results showed that headline earnings increased to N$241 million from N$ 118 million in June 2022. This increase was mainly attributed to the upward trend in the endowment benefits experienced…

08 Sep

Green hydrogen, oil holds promise for Lüderitz

info_e12wt4csObserver Moneyf Rossing Uranium Mine in Swakopmund, Green Hydrogen, oil holds promise for Lüderitz

Chamwe Kaira Green hydrogen and the discovery of oil are instilling hope in Lüderitz, as these industries promise significant development. The realisation of these ambitious projects hinges on substantial support from the central government, particularly in terms of crucial infrastructure and town expansion. Lüderitz is set to host a remarkable N$10 billion green hydrogen industry, while the revelation of over 11 billion barrels of offshore oil reserves in the Atlantic Ocean is expected to catalyse the town’s growth. Fluksman Samuehl, CEO of the Lüderitz Waterfront Development Company, emphasized the importance of coordinated efforts between investors and the government to ensure…

08 Sep

Namibia to be included in SanlamAllianz deal

info_e12wt4csObserver MoneyNamibia to be included in SanlamAllianz deal

Sanlam, Africa’s largest non-banking financial services provider, and Allianz, one of the world’s leading insurers and financial services providers have announced that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz. Namibia will be included at a later stage, while South Africa is excluded from the agreement. SanlamAllianz’s ambition is to be among the top three players, in both market share and profitability, in the markets where the company will operate. The joint venture is…