Observer Money

Construction of Capricorn Group sustainable building commenced
20 Aug

Construction of Capricorn Group sustainable building commenced

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Martin Endjala The Capricorn Group held the groundbreaking ceremony for the start of construction on a new office building in Windhoek's central business district on Tuesday. The group's chief executive officer, David Nuyoma, said the development is designed to reflect the group's four-decade legacy while accommodating over 200 employees and addressing the growing need for office and parking space. “It represents the group’s commitment to contributing meaningfully to the rich heritage and renewal,” he said. The Capricorn Group building, which houses its subsidiary bank, Bank of Windhoek, will be next to the building at the corner of Independence Avenue and…
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Shanjin International Gold to Acquire Osino Resources for N$4.8 Billion
18 Aug

Shanjin International Gold to Acquire Osino Resources for N$4.8 Billion

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Martin Endjala Osino Resources has announced that Shanjin International Gold Co. Ltd. (formerly Yintai Gold) will acquire all outstanding common shares of Osino for C$1.90 per share (N$24.77), totalling C$368 million (N$4.8 Billion) The Canadian mining company made the announcement last week. Heye Daun, President and CEO of Osino, confirmed that both Osino and Shanjin have secured approval from the Namibia Competition Commission (NaCC) for the transaction. “The approval of the NaCC was the final outstanding approval to conclude the arrangement,” he said. The closing of the arrangement is set to occur on or before 29 August. The payment of…
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Namibia resumes poultry imports from RSA but suspends imports from Brazil
18 Aug

Namibia resumes poultry imports from RSA but suspends imports from Brazil

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Niël Terblanché Namibia has resumed the importation of live poultry and birds from South Africa, following a temporary suspension imposed in September 2023. The suspension was initially enacted due to an outbreak of highly pathogenic avian influenza in South Africa, prompting Namibia’s Ministry of Agriculture, Water and Land Reform (MAWLR) to halt all imports to protect the local poultry industry. The acting chief veterinary officer at the Directorate of Veterinary Services, Johannes Shoopala, stated in a notice on Friday that the ban has been lifted. “The resumption of imports, however, comes with stringent conditions to ensure the continued safety and…
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Powercom expands network connectivity
18 Aug

Powercom expands network connectivity

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Niël Terblanché Stakeholders in the Namibian communication industry have been urged to collaborate more closely to ensure that every citizen can benefit from the digital age. Emma Theofelus, the Minister of Information and Communication Technology, during the groundbreaking ceremony for PowerCom’s Howobees network tower in the Keetmanshoop Rural Constituency on Thursday, made the call and said the tower will be yet another step in bridging the digital divide in Namibia. "Let us work together to ensure that every Namibian has the opportunity to thrive in the digital age," she said while stressing the need for continued collaboration among government entities,…
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Sale of Tsumeb copper smelter approved
18 Aug

Sale of Tsumeb copper smelter approved

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Martin Endjala The Namibia Competition Commission (NaCC) has approved the sale of Dundee Precious Metals’s (DPM) copper smelter in Tsumeb. Sinomine Resource Group Co. Ltd., a Chinese-owned company purchased the company’s interest in the smelter. “The sale is on track to close as planned in the third quarter of 2024, subject to completing the documentation regarding the revised purchase price and proposed tolling arrangement as disclosed in the company’s management’s discussion and analysis and news release published on August 1, 2024,” said the company in a statement last week. In March this year, the company announced that it had entered…
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Repo cut to revive consumer spending
15 Aug

Repo cut to revive consumer spending

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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,…
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Standard Bank’s profit grows 38% to N$505m
15 Aug

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

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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…
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Letshego to increase local ownership
15 Aug

Letshego to increase local ownership

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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…
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15 Aug

Life Healthcare acquires renal dialysis clinics

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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…
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Trustco gives 9,3 million shares to directors
15 Aug

Trustco gives 9,3 million shares to directors

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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…
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