Observer Money

The Central Procurement Board of Namibia (CPBN) awarded contracts to the value of N$6,4 billion in the 2023-2024 financial year. CPBN’manager of stakeholders engagement, Johanna Kambala told Observer Money that the board continues to empower Namibians in the award of procurement contracts. Observer Money (OM): How many procurement contracts did CPBN award in 2023? Johanna Kambala (JK): CPBN: In total, the Central Procurement Board of Namibia awarded forty-five (45) procurement contracts during the financial year 2023-2024 to the value of N$6,4 billion. Thirty-nine (39) of these awards to the value of N$5,5 billion were awarded to 100% Namibian owned companies,…

CHAMWE KAIRA Paratus Namibia Holdings Limited informed shareholders that it has obtained the necessary regulatory approval from Communications Regulatory Authority of Namibia (CRAN) and the Namibian Competition Commission in order for Paratus Group Holdings Ltd to underwrite the Rights Issue on 20 May. A Rights Issue is when a company offers its existing shareholders the chance to buy additional shares for a reduced price. Usually the discounted price will stand for a specified time frame, after which it is returned to normal. “Pursuant to the announcement of the results of the general meeting of the shareholders released on NENS (Namibia…

The City of Windhoek has announced water crisis restrictions as part of a drought response plan. Residents and businesses will be required to save 10% of their consumption effective from 1 July. City of Windhoek’s spokesperson, Lydia Amutenya explained to Observer Money that for the city to have enough water, the dams require one good rain season to have sufficient water while the Windhoek aquafer requires at least three good rain seasons to have enough water. Observer Money (OM): In terms of water consumption in Windhoek, how much do commercial and industry processes consume? Lydia Amutenya (LA): Domestic Consumers consume…

Anglo American rough diamond sales amounted to US$445 million in the third cycle of 2024.The mining giant also operates in Namibia through the 50/50 joint venture between the government and De Beers. Anglo American has joint ventures with the Namibian government in Namdeb, Debmarine Namibia and the Namibia Diamond Trading Company. The company said the provisional rough diamond sales figure quoted for Cycle three 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: “Many diamond businesses are continuing to take a cautious approach to…

Portuguese energy company, Galp Energia, has disclosed that it is is de-risking exploration opportunities already in its portfolio and moving exploration focus to other countries, which includes Namibia. GalP will focus on the areas in Namibia and São Tomé and Príncipe, and act on high potential resources that may prove economically and sustainably feasible, the company has stated in its 2023 annual report. Throughout 2023, Galp prepared the current exploration campaign in PEL 83 offshore Namibia, securing key contracts and licences, and mobilising its forces to safely initiate a two back-to-back exploration wells campaign in November 2023. Galp said already…

Strauss & Co, Africa’s leading art auction house, has announced that they will be hosting a free valuation day in Windhoek on 29 April 2024. This event presents residents with an exclusive opportunity to have their artworks assessed and valued by experts. The valuation day will take place at The Stellenbosch Wine Bar and Bistro, Tasting Room, Bougain Villas, 320 Sam Nujoma Drive, between 14h00 and 17h00. Strauss & Co said whether you are looking to insure your collection, sell an artwork, or simply satisfy your curiosity, Strauss & Co offers a range of valuation methods tailored to client’s needs.…

ANGELIQUE PEAKE AND OLAVI HANGULA Implementing a robust local content policy in the oil and gas industry isn’t just about extracting resources; it is about empowering local economies and fostering sustainable growth. By prioritising local manufacturing and supporting sectors, we not only fuel industrial development but also cultivate a thriving ecosystem of opportunity and prosperity for generations to come. There has been significant talk surrounding the recent oil discoveries offshore the Namibian coast, sparking both excitement and disbelief. As reality begins to set in, it’s clear that strategic planning and collaboration among stakeholders is essential to maximise the benefits of…

Developments in the Namibian banking sector has pointed out that the sector remained profitable, liquid and adequately capitalised in 2023, despite a strained economic environment. Board chairperson of the Namibia Deposit Guarantee Authority, Ebson Uanguta said this week that the banking sector continues to record higher profitability levels, coupled with robust capital levels above prudential limits. Uanguta revealed that the sector’s common equity Tier 1 capital increased last year and stood significantly above the required 7% limit. The non-performing loan (NPL) ratio picked up slightly year-on-year and is nearing the trigger ratio of 6%, due to the high inflation and…

CHAMWE KAIRA The rise in civil servant wages and the tax reforms enacted on 1 March are likely to support disposable income and increase consumer spending, which will potentially drive demand-side inflation. In the 2024/25 budget, the government has budgeted N$35,4 billion for wages and benefits and this also includes a 5% increase for civil servants. The country has about 107 000 civil servants. “The downside risk to this view is the elevated interest rate environment which may dampen the impact of these demand-side inflationary pressures,” FNB Namibia economists Ruusa Nandago and Helena Mboti disclosed this week. The economists noted…

CHAMWE KAIRA Deep Yellow Limited, the Australian company that is developing the Tumas Project in the Erongo region has revealed its offer of fully paid ordinary shares under its Share Purchase Plan (SPP) received applications for a total of 36.8M shares totalling approximately 45 million Australian Dollars (A$). “We are delighted with the support shown by our shareholders to back us at this important time in the further development of our company. This SPP, plus the funds from the recently announced A$220M placement, together totalling A$250M, will support our growth strategy, the ongoing development of the flagship Tumas Project in…