Observer Money

PSG Financial Services, the financial services group that predominantly services individuals and enterprises in South Africa and Namibia has said despite the difficult macroeconomic environment and negative global sentiment, it remains confident in its overall business resilience. It said in a difficult environment, maximising every opportunity in a disciplined manner is crucial to attaining success. “We value initiatives that help us focus on consistent delivery and enable us to unlock value across the group,” the group said. CEO Francois Gouws CEO said PSG will continue to monitor local and global events and the associated impact on the group’s clients and…

Martin Endjala Old Mutual's Sustainable, Economic, and Empowerment Drive (OM SEED) has announced its 2024 edition, which will focus on the northern regions of Ohangwena, Zambezi, Oshikoto, and Kavango West. For its third edition, the Old Mutual Foundation has allocated N$800 000 to support grassroots entrepreneurs in these areas. Last week, Windhoek hosted the initiative's launch. Old Mutual Namibia's executive group marketing, public affairs, and sustainability, Mignon du Preez, stated that the organization strategically selected the four regions to promote entrepreneurship, generate value within local communities, and tackle the United Nations' Sustainable Development Goals (SDGs). “Through capital provision and incubation…

Paratus Namibia Holdings Limited (PNH), a leading telecommunications company in Namibia, has successfully raised over N$600-million through its recent rights Issue and investment drive, which was fully subscribed. This significant capital infusion has effectively doubled the company's market capital on the Namibia Stock Exchange News (NSX). The raised capital has been sourced from a diverse group of investors, including the Paratus Group (61,9%), institutional investors (34%), Paratus employees (2,6%), and retail investors (1,5%). The funds will be strategically allocated to expand Paratus Namibia's existing offerings by enhancing its core systems and infrastructure. This investment will enable the company to adapt…

Both China and Sweden sold 33 vehicles each in April showing that Chinese brands are making inroads with their competitive pricing and improving quality, while Swedish brands attract consumers with their safety features and innovative designs. France's 13 vehicle sales suggest a smaller but stable market segment, whereas Indian vehicles, with 18 units sold, cater to budget-conscious buyers. English vehicles have a minimal presence, with only six units sold, indicating limited preference or availability in Namibia. No Italian vehicles were sold during this period. Simonis Storm Securities said in a report in April, vehicle sales in Namibia fell to 899…

CHAMWE KAIRA Stakeholders recently held a meeting on the Auas Road upgrade. Mary Shiimi, a senior official of the City of Windhoek, disclosed that the Roads Authority is making the project possible through funding. Richard Laborn of Lithon Project Consultants presented the details of the proposed Auas Road upgrade and said road will be a dual carriageway with intersections, that will also have upgraded. Information presented at the meeting showed that there will be two lanes out (southbound) and two lanes in (northbound). Two new lanes will be built on the western side of the existing road, which will form…

Anglo American plc has announced that the value of rough diamond sales for De Beers’ fourth sales cycle of 2024, amounted to US$380 million. The provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period and remains subject to adjustment based on final completed sales. Al Cook, CEO of De Beers, said: “As expected, De Beers’ rough diamond sales in the fourth cycle of the year trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections. The focus of the global diamond…

TransNamib has launched a new initiative, the TransEvaRail Pricing Strategy Project. The project is a strategic move aligned with its Integrated Strategic Business Plan 2022-2027 and supported by a comprehensive study funded by GIZ Namibia. The company has already held a number of workshops in Windhoek that brought together stakeholders to collaborate and share insights that will drive innovation and efficiency in TransNamib’s pricing structures. The company has said the goal of TransEvaRail is to boost revenue generation, enhance sustainable competitiveness, and ensure commercial stability. The first workshops took place on 13 to 14 May 2024, marking a significant step…

CHAMWE KAIRA Letshego Holdings Namibia (LHN) has issued a N$260 million three-year bond under its N$2 billion approved Domestic Medium Term Note Programme on the Namibian Stock Exchange (NSX). This is the first social note to be issued and listed on the NSX. Total bids to the value of N$322 million were received from five bidders. The bond’s maturity date is 17 May 2027. Letshego said the bond is a senior unsecured social note. An unsecured note is a corporate debt that does not have collateral attached and is, therefore, a riskier prospect for an investor. “The NSX has granted…

The 2023 Fraser Institute Survey of Mining Companies Survey has stated that the proposed Investment Promotion Bill is heightening uncertainty and risk in the Namibian mining industry. The other concern raised in the survey was that exploration companies are mandated to incorporate local ownership. Namibia’s foreign investment space is currently governed by the Foreign Investment Act (27 of 1990). According to the Namibia Investment Promotion and Development Board (NIPDB), the Foreign Investment Act will soon be replaced by the Namibia Investment Promotion Act (NIPA) which is currently being amended to particularly provide the private sector with greater room for growth,…

CHAMWE KAIRA Famous Brands Limited is planning a major rollout in southern Africa including Namibia. Its brands include Steers, Debonairs Pizza, Fishaways, Mugg and Bean and Wimpy. These brands have a strong presence in Namibia. The company said in results for the year ended 29 February 2024 that it plans to implement its leading brands restaurant rollout plan in South Africa, the Southern African Development Community (SADC) and also in Cote d'Ivoire, Ethiopia, Kenya, Nigeria, Mauritius, Saudi Arabia, and the United Arab Emirates. “This includes boosting our drive thru presence as new sites become available. We will continue to invest…