Observer Money – Page 5 – Windhoek Observer

05 Dec

Pick n Pay concludes recapitalisation

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Pick n Pay has announced the successful conclusion of its two-step recapitalisation plan, first announced in February of this year, a critical milestone in its strategy to restore the performance of Pick n Pay supermarkets and position the group for long-term sustainable growth. The company said the recapitalisation plan, completed in just nine months, received strong shareholder support. The Pick n Pay Rights Offer, the first step of the plan, was more than double oversubscribed, and raised N$4 billion in August. The Boxer IPO, the second step, in which Boxer shares worth N$8.5 billion were placed at N$54, attracted significant…

05 Dec

‘Cybercrimes are matter of when, not if’ – BoN

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CHAMWE KAIRA Governor of the Bank of Namibia Johannes ǃGawaxab has said cybercrimes affecting commercial banks are a matter of when and not if they will happen. Responding to a question on how far the central bank has gone into the investigations on the recent hacking of Standard Bank Namibia, in which clients lost money, !Gawaxab said in terms of cybercrimes: "It’s not whether we will be attacked. It’s a question of when and how do we respond when we are attacked, and how long does it take to get out of the attack,” he said. He pointed out that…

05 Dec

Reserves increase to N$60,9 billion

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CHAMWE KAIRA The stock of international reserves held by the Bank of Namibia increased in October by 6.6%, reaching N$60.9 billion. SACU inflows primarily drove the monthly increase in reserves. Relative to the international benchmark of three months, the current level of foreign reserves represents 4.1 months of import cover. Notably, the import cover, excluding imports of oil exploration and appraisal activities, stood at 4.9 months in October, compared to 4.6 months in September. The overall liquidity level of the banking industry averaged N$6.7 billion in October, higher than the N$5.9 billion recorded in September. The rise in market cash…

05 Dec

Water disruptions affect Langer Heinrich production

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CHAMWE KAIRA Paladin Energy is expecting to achieve a production run rate of 6 million pounds per annum at the Langer Heinrich Mine in the Erongo region by the end of the 2025 calendar year. The mine produced 826 346 pounds of uranium oxide in the 2025 financial year as of 31 October. The company said production to 30 October 2024 has been lower than planned, primarily due to ore grade variability in the stockpiled ore processed and disruptions to the supply of water from NamWater. “A planned two-week shutdown is being undertaken to allow for various improvements and operational…

05 Dec

ANIREP shows resilience despite headwinds

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CHAMWE KAIRA ANIREP managing director, Iyaloo Nangolo, has said the company serves as a vital conduit for channelling capital market investments into infrastructure-based renewable energy projects, offering investors reliable, long-term opportunities with consistent returns on equity over extended periods. He said in interim results for the year ended August 31 that, despite market headwinds, the group remains resilient and has built a strong foundation underpinned by sustainable and consistent long-term cash flows and a healthy pipeline of projects. Successful fundraising efforts, such as the initial listing phase and the 2023 rights offer, have bolstered ANIREP's operational resilience and growth trajectory,…

05 Dec

Alexforbes Namibia register 15% growth

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CHAMWE KAIRA Alexforbes Namibia reported a strong growth of 15%, which was attributed to an increase in multi-manager investment income, a growth in administration fees, the benefits of new business wins from the previous year, and inflationary growth. Alexforbes Namibia's revenue contribution to the overall Alexforbes Group in 2024 was N$74 million, compared to N$62 million in 2023, according to interim results for the six months ended 2024 and interim cash dividend declaration. The company reported a 12% increase in Alexforbes Group operating income to N$2.1 billion. This increase was attributed to the consolidation of acquisitions completed in previous financial…

05 Dec

BoN expects agro NPLs to come down

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CHAMWE KAIRA Non-performing loans (NPLs) in the agriculture sector are expected to improve in the next 12 months following drought relief measures announced by the Bank of Namibia in October. Central bank governor Johannes ǃGawaxab said this week in response to questions that the bank had been concerned about non-performing loans in the agriculture sector, which in September last year stood at 8% but have now come down to 6%. With the relief measures in place, ǃGawaxab expects NPLS in the agriculture sector to drop further in the coming 12 months. “Any non-performing loan is a critical risk in the…

04 Dec

Relief for consumers as the repo rate is lowered to 7%

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Martin Endjala The Monetary Policy Committee (MPC) of the Bank of Namibia reduced interest rates by 25 basis points to 7% on Wednesday. Consumers will now enjoy the relief of interest rates on mortgages and loans. According to the central bank’s governor, Johannes !Gawaxab, the move is to continue supporting the domestic economy while safeguarding the peg between the Namibian dollar and the South African rand. “This decision was reached following a comprehensive review of current and expected domestic, regional and global economic developments,” he explained. This was the sixth and final bi-monthly meeting of the MPC for 2024. He…

28 Nov

ReconAfrica appoints new directors

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CHAMWE KAIRA Reconnaissance Energy Africa (ReconAfrica) Ltd has announced an operational update with respect to its exploration activities on Petroleum Exploration Licence 073, onshore Namibia, the appointment of directors and the filing of its financial results for the quarter ended 30 September. The highlights included the Spud the Naingopo exploration well in the Damara Fold Belt on 7 July, 2024. The well is currently drilling at a depth of 4 000 metres. The company entered into a definitive agreement with BW Energy Limited, for a 20% working interest in Petroleum Exploration Licence 073, including a US$22 million (US$16 million) equity…

28 Nov

ANIREP takes over HopSol Africa

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CHAMWE KAIRA The board of directors of Alpha Namibia Industries Renewable Power Limited (ANIREP) have announced that the company has entered into an agreement to acquire an additional equity stake in HopSol Africa (Proprietary) Limited, increasing its ownership in the entity to 100%. HopSol Africa, a leading Engineering, Procurement, and Construction (EPC) company specialising in renewable energy projects, has been a pivotal partner in advancing ANIREP’s vertically integrated renewable energy strategy. The company said this acquisition underscores ANIREP’s commitment to strengthening its position in Namibia’s renewable energy sector and enhancing its operational capacity to deliver sustainable and innovative energy solutions.…