Page 307 – News Stand

15 Aug

Criminal case filed against Nawatiseb and his wife

info_e12wt4csNational News

Hertta -Maria Engel Nawatiseb, the former deputy minister of information and communication technology and his wife are facing criminal charges in connection with the sale of a property in Windhoek The Makumbi family initiated the case, bringing to light the allegations of misconduct and the pursuit of justice in the property sale by Nawatiseb and his wife Lina Nawatises. According to court documents filed in May 2023, Godfrey Makumbi entered into a sale agreement with the Nawatisebs for the property in question. However, the transaction soon became a point of contention. In a letter dated 10 August 2024, Boniface Makumbi,…

15 Aug

Namibia leads dialogue on agriculture and climate resilience

info_e12wt4csNational Newsagriculture and climate, Kandjii-Murangi, RUFORUM

Niël Terblanché Namibia has once again positioned itself at the forefront of agricultural and scientific innovation by hosting the second triennial conference of the Regional Universities Forum for Capacity Building in Agriculture (RUFORUM). Namibia's Minister of Higher Education, Training and Innovation, Dr Itah Kandjii-Murangi, stressed at the start of the conference on Thursday the critical role of agriculture in achieving the United Nations’ Sustainable Development Goals (SDGs) 1 and 2—No Poverty and Zero Hunger. "The theme of this year's conference, 'Operationalising Higher Agricultural Education and Research Ecosystems for Innovation, Industrialisation, and Economic Development in Africa: A Call for Action,' resonates…

15 Aug

Japan extends another lifeline to Namibia

info_e12wt4csNational NewsEl Niño, Japanese government, United Nations World Food Programme (WFP)

Niël Terblanché As Southern Africa grapples with one of its most severe droughts in recent history, the Government of Japan has stepped in to provide much-needed relief. The drought, exacerbated by the El Niño weather phenomenon, has led to a significant decline in cereal harvests, pushing the region, including Namibia, into a state of serious food insecurity. In response to this crisis, the Japanese government by way of its diplomatic representative to Namibia, Ambassador Hisao Nishimaki, announced that it has committed US$2.5 million in Emergency Grant Aid, with US$500 000 specifically allocated for Namibia. This aid will be administered through…

15 Aug

Repo cut to revive consumer spending

info_e12wt4csObserver MoneyBank of Namibia, Economist Halleluya Ndimulunde

CHAMWE KAIRA Economist Halleluya Ndimulunde believes that a reduction in the repo rate generally leads to lower borrowing costs for both households and businesses. The Simonis Storm Security economist said in the aftermath of Bank of Namibia cutting the interest rate by 25 basis points down to 7.50%, that this may encourage a revival in private sector credit extension, which has been subdued, as confidence in a less restrictive monetary policy environment grows. “Overall, this rate cut is likely to stimulate economic activity by improving access to credit, thereby supporting increased spending and investment across the economy,” said Ndimulunde. Additionally,…

15 Aug

Standard Bank’s profit grows 38% to N$505m

info_e12wt4csObserver MoneyStandard Bank Namibia Holdings, World Economic Outlook

CHAMWE KAIRA Standard Bank Namibia Holdings profit grew by 38 % in the six months ended 30 June to N$505.7 million, the company said in interim results. The cost-to-income ratio decreased to 54.9% from 58.2% in June 2023 and return on equity improved from 15.6% in December 2023 to 18.6% in June this year. Standard Bank said net interest income increased by 18.3% to N$1billion. This increase is attributable to the growth in loans and advances to customers of 5% and the realisation of funding optimisation strategies, which improved the net interest margin to 6%, the results showed. Credit impairment…

15 Aug

Letshego to increase local ownership

info_e12wt4csObserver MoneyEmployee Share Option Plan (ESOP, Letshego Africa Holdings Limited

CHAMWE KAIRA Letshego Holdings Namibia has approved the Letshego Holdings Namibia Employee Share Option Plan (ESOP) Trust and this will see transfer of the trust shares from Letshego Africa Holdings Limited to the trust. The approval was made on during an annual general meeting held in Windhoek. The meeting also approved the final dividend of 36,38 cents per share paid to shareholders. In terms of the Banking Institutions Act 13 of 2023, Letshego Holdings Namibia is required to increase its level of local Namibian equity ownership to 25%. Pursuant to this requirement, Letshego plans to implement the ESOP, the aim…

15 Aug

Life Healthcare acquires renal dialysis clinics

info_e12wt4csObserver MoneyFresenius Medical Care (FMC), Life Healthcare Group

Life Healthcare Group, a leading private healthcare organisation and South Africa’s second-largest private hospital group has acquired five Namibian renal dialysis clinics from Fresenius Medical Care (FMC). The take on date of the Namibian renal dialysis clinic is today and includes clinics in Oshakati, Otjiwarongo, Swakopmund and Windhoek (Eros and Kleine Kuppe). This is in addition to Life Healthcare also taking on 38 renal dialysis clinics in South Africa. The acquisition expands Life Healthcare’s renal dialysis footprint to 76 clinics across southern Africa. Life Healthcare has more than 20 years’ experience in providing renal dialysis services to chronic kidney patients…

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…