Observer Money

South African President Cyril Ramaphosa has signed into law the Revenue Laws Amendment Bill of 2023, which establishes a ‘two-pot’ system that gives members of retirement funds access to retirement savings without having to resign or cash out entire pension funds. The amendment law introduces a ‘two-pot’ retirement system to address the concerns related to lack of preservation before retirement and lack of access to retirement funds by households in financial distress. According to a statement by the Presidency, this retirement system comprises a savings and retirement component for contributions made after 1 September 2024, while historical retirement benefits will…

Mobile Telecommunications Limited (MTC)’s revenue increased by 5,91% to N$1,57 billion for the period under review, due to increased demand for high-speed data connectivity and value-added managed services which contributed towards the group, this was contained in interim results for the six months ended 31 March. Earnings before Interest, Tax, Depreciation, and amortisation (EBITDA) decreased by 4,9% to N$700 million from N$734 million in the same period last year, due to increases in direct and operating costs. Following a Supreme Court ruling on section 23 of the Communications Amendment Act on 13 March 2024, MTC was found liable for levies…

Idi Itope will take over as new CEO of the Central Procurement Board of Namibia effective 1 June. Itope has previously worked for PricewaterhouseCoopers and the Namibia Revenue Agency. Itope told Observer Money that the CPBN has many challenges and that his approach will be to first understand the internal environment and do what is necessary and possible to overcome them in a coordinated and long lasting manner. Observer Money (OM): What led you to take up this challenge? Idi Itope (II): I decided to compete transparently with other equally capable Namibians for the Chief Executive Officer position primarily because…

Paratus Namibia Holdings Limited (PNH) has announced that it 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 funds will be allocated to expand Paratus Namibia’s existing offerings by enhancing its core systems and infrastructure. The investment is expected to enable the company to adapt and transform its business model to meet the evolving demands of customers and the market. Paratus operates in seven African countries, Angola, Botswana, DRC, Mozambique, Namibia, South Africa and…

Alpha Namibia Industries Renewable Power Limited (ANIREP) said in financial results for the year ended 29 February that revenue for the year of N$74 million was 6% lower due to lower revenue caused by the delay in starting the Khan project. The company said the key focus during the period was closing the equity rights issue and starting construction on the 25MWp Khan project. ANIREP said it grew its equity capital base by 260%, successfully closing the rights issue for N$437 million in December 2023. The proceeds are being utilised to increase generation capacity by over 426% from 13MWp Solar…

Stimulus Investment Limited, directors have resolved that an amount of N$18 million (2023: N$3,5 million) be declared as a final dividend to the preference shareholders, which translates into a dividend of N$4.02 (2023: N$0.76) per preference share based on 4,6 million preference shares in issue. The company said the preference dividend amount represents the total realised cash returns of Stimulus, after adjusting for fair value gains, for the financial year ended 29 February. Stimulus said portfolio of investments in subsidiaries and associates was valued by an independent valuator and the resulting fair value gain for 2024 amounting to N$60.5 million…

The government has continued with its objective of auctioning fish to the highest bidders. In a joint announcement, the Ministry of Finance and Public Enterprises and Ministry of Fisheries and Marine Resources said they jointly plan to auction 13 584 metric ton (MT) of horse mackerel and 1000 Metric tons of monk to the highest bidders. The Marine Resources Act makes provision for the state to utilise or harvest marine resources to advance any social-economic, cultural or other governmental objectives in the public interest. The bids will close on 14 June. The tender conditions include that bids must be in…