Observer Money – Page 116

29 Jun

Savanna aims to raise N$200m

info_e12wt4csObserver MoneySavanna aims to raise N$200m, Savanna Beef Processors

Chamwe Kaira Savanna Beef Processors, which is in the process of setting up a meat processing plant in the country plans to achieve 100% producers shareholding of the N$200 million issued share capital. “Hence, we are offering producers an additional share capital of N$ 26,5 million shares. The procedures will be announced shortly. This will also strengthen our position with banks and other investors,” thecompany said. With the present N$173,5 million issued share capital from producers, the company is in the process to open the transaction of shares again for shareholders and producers in the near future to hopefully achieve…

29 Jun

Potentially N$13.3 billion lost in tolling deferment

info_e12wt4csObserver MoneyPotentially N$13.3 billion lost in tolling deferment

CHAMWE KAIRA The Road Fund Administration (RFA)’s feasibility study found that 21 roads can fund N$5.8 billion in capital and maintenance expenditure over five years, possibly generating N$7.5 billion in additional revenue to subsidise roadworks across the entire network. This adds up to N$13.3 billion. The RFA has looked at tolling as an additional revenue stream to maintain the N$101 billion national road network. Empirical research shows that tolled roads are better maintained, resulting in more jobs, economic opportunities and lower vehicle operating costs, according to the RFA. According to additional econometric analysis, tolling would add N$1.7 billion to the…

29 Jun

Kunene region spends N$ 33m on infrastructure development

info_e12wt4csFeatured, Observer MoneyKunene region spends N$ 33m on infrastructure development

Martin Endjala The Kunene Region has spent over N$33 million from its initial allocated N$200 million for the 2022/23 financial year, due to funds that were virement on given projects such as N$175 million towards the construction of the new 412 kilometre-long Swakopmund-Henties Bay-Kamanjab road. Kunene Regional Governor, Marius Sheya said in his State of the Region address yesterday in Opuwo that it is no secret that public infrastructure development stimulates prosperity and promotes economic inclusion through the provision of accessibility, inclusion, and safety. Infrastructure development shapes social and economic outcomes that promote a socially fair and cohesive society, he…

28 Jun

Tabled Banking Bill to empower BoN in holding banks accountable

info_e12wt4csFeatured, Observer MoneyTabled Banking bill to empower BoN in holding banks accountable

Martin Endjala The Bank of Namibia will soon have the authority to deal with commercial banks that are contravening the Banking Institutions ACT following the introduction of the Banking Institutions Bill tabled in parliament which is intended to repeal the Banking Institutions Act, Act No. 2 of 1998 as amended. During the tabling of the Bill, the Minister of Finance and Public Enterprises, Iipimbu Shiimi said that the banking regulatory framework should be effective and responsive to the needs of the people and when promulgated, it will enhance the regulatory and supervisory framework for banking institutions and contribute to the…

28 Jun

SMEs actively contribute to the national economy

info_e12wt4csFeatured, Observer MoneySMEs actively contribute to the national economy

Martin Endjala Namibia should embrace the fact that it is well-positioned to capitalise on the strengths of its Small and Medium Enterprise sector, given the immense contributions of SMEs to economies and societies worldwide. The importance of such enterprises emphasises the power of Micro, Small and Medium-sized (MSMEs) and their transformational potential and the need for inclusive, sustainable support systems. Bank Windhoek’s Head of SME, Financial and Data Analytics, Bianca Janse Van Vuuren made these remarks during the commemoration of MSMEs Day, which is commemorated on the 27th of June worldwide. The United Nations General Assembly designated 27 June as…

26 Jun

Telecom Namibia signs contract to fast-track digital transformation

info_e12wt4csObserver Money

Niël Terblanché Providing access to reliable, speedy and affordable internet services will form a big portion of the new five-year Integrated Strategic Business Plan (ISBP) launched by Telecom Namibia. The launch on 22 June 2023 of the ISBP signalled the start of Telecom Namibia’s journey to replace obsolete technologies and fast-track its digital transformation initiatives. The ISBP is aimed at four overall goals: stabilising the business, business transformation, digitalisation, and digital transformation. The launch coincided with the ceremonial signing of a contract between Telecom Namibia and Sistemas Avanzados De Tecnologia S.A (SATEC), which will kickstart the digital transformation process with…

23 Jun

Namibian company scores US$150m Malawi fertilizer tender

info_e12wt4csObserver MoneyNamibian company scores US$150m Malawi fertilizer tender

Chamwe Kaira The Malawian government has awarded a Namibian oil company a US$150 million contract to supply fertilizer to that country, the Malawian media reported this week. The report by malawi24.com said Smallholder Farmers Fertiliser Revolving Fund of Malawi (SFFRFM) signed a contract with Namibian firm Nendongo Commercial Group (NCG) for the supply of the fertiliser. The contract SFFRFM signed with NGC indicates that government is procuring 200 000 metric tonnes (MT) of fertiliser from the Namibian company at the contract price of US$150 million. The contract is split into two consignments of 100 000 MT of NPK (worth US$85…

23 Jun

European ban threatens hunting industry

info_e12wt4csObserver MoneyEuropean ban threatens hunting industry

Chamwe Kaira The Namibia Professional Hunting Association (NAPHA) is worried that said a hunting ban as proposed in the United Kingdom can potentially have devastating effects on the hunting industry. Kristin Maritz, one of the executives of the Namibia Professional Hunting Association told Observer Money that although the United Kingdom is not a primary market for the Namibian hunting industry, should they decide to pass the ban, animal rights activists in other countries like Germany, Austria and even the USA who are the primary markets for Namibian trophy hunting, might use it as a template to validate their proposals for…

23 Jun

Old Mutual to reduce unemployment through empowerment

info_e12wt4csObserver Money

Tassius Chigariro was named as Old Mutual Namibia CEO 1 January 2021 replacing Kosmas Egumbo who took up a new position as executive responsible for the Life Insurance and Asset Management companies across the rest of Africa. Chigariro talks to Observer Money about his journey and experiences in Namibia so far. Observer Money (OM): What led you to become the CEO of Old Mutual Namibia, and what motivates you to succeed in this role?Tassius Chigariro (TC): Why did I come to Namibia? The short answer is that my bosses asked me, and I said yes without hesitation. It was an…

23 Jun

Lüderitz masterplan completion expected soon

info_e12wt4csObserver MoneyLüderitz masterplan completion expected soon

Chamwe Kaira The new master plan for the port of Lüderitz which had been underway for over a year and will be completed in the coming months, Christopher Laing, director of energy and natural resources at Hyphen Hydrogen Energy said this week. The new masterplan forms part of plans to design infrastructure necessary to deliver on Namibia’s green hydrogen production ambitions. The plan is being developed by the Namibian Ports Authority, NamPower, the Port of Rotterdam and Hyphen. This is based on Memorandum of Understanding that was earlier signed between NamPort, the Port of Rotterdam and Hyphen. NamPower and Hyphen…