Observer Money

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…

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…