Observer Money – Page 129 – Windhoek Observer

28 Sep

NBL used FNB bridging finance to acquire Distell

Observer Money

Chamwe Kaira Namibia Breweries Limited secured bridge financing to acquire the shareholding as part of its acquisition of Distell under the Bridge Facility Agreement worth N$850 million, the company said in the annual report for the financial year that ended 30 June. “The group does not intend to utilise any portion of the N$850 million cash balance to fund normal operations,” NBL said. Bridge financing, often in the form of a bridge loan, is an interim financing option used by companies and other entities to solidify their short-term position until a long-term financing option can be arranged. Various facilities have…

28 Sep

White maize, pearl millet production to decrease

Observer Money

The Namibian Agronomic Board CEO, Dr Fidelis Mwazi speaks to the Windhoek Observer about crop production, Namibia starting to produce its own seeds and maize production. Windhoek Observer (WO): It was reported that the Namibia Agronomic Board (NAB) aims to capacitate local farmers to increase their yields and realise Namibia's food self-sufficiency. Could you elaborate on this? Fidelis Mwazi (FM); The NAB has multiple mechanisms in place focused on capacitating Namibian producers to further increase their crop yields and realise Namibia’s food self-sufficiency. Here are some of the most notable initiatives. Horticulture Market Share Promotion (MSP) scheme is a growth-at-home…

28 Sep

Namdia board members sitting pretty

Observer Money

Namdia paid N$1,28 million to its board members, according to the 2022/2023 Annual Report. The board fees increased slightly from just over N$1 million in the previous financial year. Chairperson Bryan Eiseb was paid N$247 606 in board fees during the period. Another board member, Justus Hausiku was paid N$325 209 while Selma Shimutwikeni was paid N$287 754. The highest paid board member was Liina Muatunga, who was paid N$423 440. The total sitting fees was N$1 million while the total expense allowance was N$273 431. By comparison in 2022, the total sitting allowances was N$887 367 while total expense…

28 Sep

Dates exports reach N$25.8 million

Observer Money

Dates were the main export earnings of horticultural products at N$25.8 million, followed by tomatoes and vegetable seeds reporting N$3.3 million and N$1.4 million, respectively during the second quarter of this year. In terms of imports, potatoes dominated the horticultural products, claiming a bill of N$17.2 million during the second quarter. Apples and onions followed in second and third positions registering import bills of N$8.7 million and N$7 million, respectively, the Namibia Statistics Agency. Total agronomy production declined by 60.1 percent from 55 036 tons recorded in the second quarter of 2022 to 21 953 tons registered in the second…

28 Sep

Namfisa mediation sees N$5.6 million paid to complainants……. long-term insurance industry biggest culprit

Observer Money

Chamwe Kaira The Namibia Financial Institutions Supervisory Authority (Namfisa)’s intervention saw institutions under supervision paying back N$5.6 million to complainants as at 31 December 2022. Namfisa said in the 2023 annual report that the total amount paid to complainants decreased significantly by 52.1 percent to N$5.6 million as at 31 December 2022, compared with 2021. The N$5.6 million was paid out to 149 complainants with the highest amount, N$2.6 million, recovered from the long-term insurance industry, followed by N$1.5 million from the pension fund industry, N$1.2 million from the long-term insurance industry, N$270,041 from the micro lending and credit agreement…

28 Sep

De Beers’ campaign to help local diamonds

Observer Money

Chamwe Kaira The recently announcement by the De Beers Group that it will reintroduce its ‘A Diamond is Forever’ tagline with an additional US$20 million investment to support consumer demand in natural diamonds for the 2023 holiday season in the US and China will benefit Namibia at a time when the diamond industry is going through a tough time. Namibia production increased by 37% to 600 000 carats in the first quarter of this year, primarily driven by the contribution from the Benguela Gem vessel, which commenced production in March 2022. “This marketing campaign will help support demand for natural…

28 Sep

Choppies record N$615m revenue

Observer Money

Chamwe Kaira Retailer, Choppies Namibia recorded revenue of 443 million Botswana Pula (N$615 million) for the year ended 30 June 2023. Choppies runs 14 stores in Namibia. Choppies was established in the town of Lobatse in Botswana in 1986 and a massive expansion effort was begun in 2003. Choppies said retail sales in Namibia reached 440 million Botswana Pula (N$611 million). Choppies said Botswana and Namibia marginally grew gross profit rates while rates in Zambia and Zimbabwe declined. The retailer said Namibia has successfully turned around with sales growth of 60.0% and like-for-like sales growth of 14.4%. Five new stores…

28 Sep

NAMFISA posts revenue of N$247 million

Observer MoneyKenneth Matomola, NAMFISA posts revenue of N$247 million

Martin Endjala The Namibia Financial Institutions Supervisory Authority (NAMFISA) disclosed a total income of N$246.7 million for the financial year ending 31 March 2023. This came with a total expenditure of N$260.6 million, marking a 4.3 percent (N$10.8 million) rise compared to the previous financial year. Kenneth Matomola, the Authority's Chief Executive Officer, revealed this financial snapshot yesterday during the unveiling of its annual report. Matomola said that despite facing significant challenges, notably the COVID-19 pandemic, Russia’s invasion of Ukraine, and surging commodity prices, the Authority sustained its mandate delivery. NAMFISA, he asserted, is concentrated on maintaining the financial stability…

26 Sep

ErongoRED announced steep tariff hike

Observer MoneyErongoRED announced steep tariff hike

Niël Terblanché Residents of the Erongo Region in Namibia will have to embrace an enhanced financial strain as the regional electricity distributor announced a significant 8.97 percent hike in electricity tariffs. The increase comes in the wake of the Electricity Control Board (ECB) declaration regarding a rise in NamPower’s average tariff from N$1.82 to N$2.12 per kilowatt-hour for the fiscal year 2023/2024. Acting CEO of Erongo RED, Nico Niemand, confirmed that the revised tariffs are not confined to the Erongo Region but are slated to have a nationwide implementation. “The impact of the increase on customers will vary, depending on…

26 Sep

Paragon Premium Lounge joins Priority Pass and Key Lounges

Observer MoneyParagon Premium Lounge joins Priority Pass and Key Lounges

Paragon Premium Lounge, operated by Paragon Investments, has recently become a member of both Priority Pass and Lounge Key. These two programs offer access to a global network of airport lounges in over 148 countries. Priority Pass, established in 1992, has been providing frequent travelers with independent lounge access at airports worldwide. Over the years, the network of lounges has expanded significantly, catering to the growing needs of travelers seeking comfort and convenience during their journeys. Paragon Premium Lounge is a sophisticated facility designed to accommodate both business and leisure travelers. Located in the departure hall of Hosea Kutako International…