Posts tagged as: company

Namibia:Outapi Abattoir Almost Complete and Ready

By Loide Jason

Outapi — The Outapi abattoir is finally nearing completion after a five-year hiatus in building work during which the contractors were owed money.

The long period it has taken to have the abattoir completed had agriculture minister John Mutorwa peeved. “We have to do something; we cannot abandon the government facility because of the 30 percent work which is outstanding. The contractor needs to be paid so that the public facility can be put to good use,” Mutorwa said during a visit to Outapi this week.

The contractors are owed about N$2.5 million, which the ministry has to pay for the construction work to be completed.

What remain to be completed are the water channels, which the contractors left incomplete when they abandoned the site due to non-payment of invoices.

The main contractor has already handed over the site to the ministry’s veterinary department in the region, even though the company was not paid in full.

Mutorwa advised veterinary officials to make sure they advertise public tenders for the services of an operator as soon as the facility is officially handed over.

The abattoir is expected to source livestock from communal farmers who are complaining of the absence of a market to sell their livestock.

According to Mutorwa, Outapi abattoir is one of the biggest and best equipped with modern machines.

The abattoir adds capacity to the Katima Mulilo and Oshakati abattoirs.

The minister said the abattoir would help farmers to get access to the market for them to make money out of their livestock.

Namibia

Zambia Transit Volumes Reach 40,000 Tonnes

Despite about 400 trucks being impounded in Zambia earlier this year, transit volumes for goods to and from Zambia have… Read more »

Acacia Shares Up At London Stock Exchange After Deal with Govt

Photo: The Citizen

President John Magufuli greets the Barrick Gold Corporation Executive Chairman, Prof John Thornton.

By Syriacus Buguzi

Dar es Salaam — Soon after striking an agreement with the Tanzanian government, shares in London-listed Acacia Mining Plc rocketed up more than 20 per cent.

Barrick Gold agreed that Tanzania would take a 16 per cent stake in three gold mines operated by Acacia but the agreement will be subject to approval by Barrick’s independent directors as well as shareholders who hold 64 per cent shares in Acacia.

Shares at the London stock exchange shot up 20.49 per cent to 219.9p after the announcement was made at State house in Dar es Salaam.

At a news conference in Tanzania, Barrick chairperson John Thornton said the firm agreed to pay Tanzania $300m as a show of good faith.

The company and the government had been in talks for months working to resolve a dispute over an export ban, which has sent Acacia’s shares spiraling since March.

Tanzania

Remembering Country’s ‘Foremost Elephant Specialist’

If elephants were humans, then they would be mourning for the death of a person who has been fighting for their… Read more »

Tanzania:Acacia Shares Up At London Stock Exchange After Deal with Govt

Photo: The Citizen

President John Magufuli greets the Barrick Gold Corporation Executive Chairman, Prof John Thornton.

By Syriacus Buguzi

Dar es Salaam — Soon after striking an agreement with the Tanzanian government, shares in London-listed Acacia Mining Plc rocketed up more than 20 per cent.

Barrick Gold agreed that Tanzania would take a 16 per cent stake in three gold mines operated by Acacia but the agreement will be subject to approval by Barrick’s independent directors as well as shareholders who hold 64 per cent shares in Acacia.

Shares at the London stock exchange shot up 20.49 per cent to 219.9p after the announcement was made at State house in Dar es Salaam.

At a news conference in Tanzania, Barrick chairperson John Thornton said the firm agreed to pay Tanzania $300m as a show of good faith.

The company and the government had been in talks for months working to resolve a dispute over an export ban, which has sent Acacia’s shares spiraling since March.

Tanzania

Remembering Country’s ‘Foremost Elephant Specialist’

If elephants were humans, then they would be mourning for the death of a person who has been fighting for their… Read more »

Nicol Eyes Dar Bourse Re-Listing

By Abduel Elinaza

NATIONAL Investment Company Limited (NICOL) Group has posted a slight profit increase in the first half of this year as it revives re-listing bid on Dar es Salaam Stock Exchange (DSE).

The mutual fund delisted from DSE main market some six years ago after it failed to fulfill set condition including failure to produce financial statement.

However, NICOL, yesterday published first half financials showing it has made a net profit of 2.52bn/- slightly up from 2.49bn/- of similar period last year.

The profit mainly attributed to investment activities that generated 3.27bn/- down from 3.47bn/- last year. And despite of realising 1.18bn/- in revenue up from 1.02bn/- it was chewed up by administrative and other expenses that amounted to some 1.6bn/- in H1.

Orbit Securities Managing Director Juventus Simon told the ‘Daily News’ yesterday that the results showed that NICOL is coming out of troubled waters. “Though, the real firm analysis and share movement directions will come after relisting NICOL to the bourse.

“The relisting will also open a channel of exit and entry that way the share price would be analysed,” Mr Simon said. NICOL website informed shareholders of the coming annual general meeting slated for next month and one of the top agendas is issuance of dividends.

“We would like to inform [shareholders] that the decision on amount of dividend will be issued after discussion during AGM November 2017… ,” the statement said. The results have uplifted the share gain in the H1 to 67/- slightly up from 66/- in H1 2016.

Early this month NICOL published 2017 financials showing a net profit increase of six times against the preceding year.

The mutual fund posted a profit of 8.67bn/- last year up considerably from 15m/- of 2015. The troubled private equity firm, which listed all of its 1.6 billion shares on the bourse in 2008, has 98.49bn/- in stocks.

It holds 6.6 per cent or over 33 million shares of NMB Bank, 1.0 million shares of Vodacom Tanzania, and 1.28 million shares of DSE company to name a few.

NICOL also has stake in two active subsidiaries namely Tanzania Fisheries Development Company (TFDC) and Tanzania Meat Company Limited (TMCL).

Tanzania

12 Men Arrested for ‘Promoting Homosexuality’

There are reports that two South Africans are among 12 men arrested on charges of homosexuality in Tanzania. Read more »

Zimbabwe:Funding Stalls Over 30 Power Generation Projects

Photo: allAfrica

(File photo).

By Phillimon Mhlanga

The country’s energy regulator, the Zimbabwe Energy Regulatory Authority (ZERA), has licenced nearly 30 power generation projects with a combined capacity of more than 5 000 megawatts (MW), but most have failed to take off due to lack of funding.

Government opened the power sector to private investors due to power shortages in the country, a move that resulted in a number of independent power producers (IPPs) being licenced to complement the country’s integrated power generation and distribution company, ZESA Holdings.

But ZERA chief executive officer, Gloria Magombo, last week revealed that the majority of the approved power projects had not materialised. Some have been licenced for over decade.

“We have issued out power generation licences to more than 30 players with a combined capacity to generate 5 039MW. But due to heavy capital outlays, very few have taken off the ground,” said Magombo.

Magombo said proposed thermal power projects were expected to generate a total of 4 194,65MW.

Over 10 years ago, the Zimbabwe Stock Exchange listed resources firm, RioZim Limited was granted a licence to construct a power station to generate 2 000MW at Sengwa. The proposal, however, has since been altered to 750MW.

It is highly unlikely that RioZim will build the proposed power station soon due to funding constraints.

Others are Pan African Energy Resources (700MW), Southern Energy (600MW), Hwange Power Station (600MW) and Shilands Enterprises which will be a gas-fired project to produce 100MW.

Government secured $1,174 billion from the Export Import Bank of China to expand the Hwange Power Station by two units to add 600MW to the national grid. But government and ZESA are still to meet conditions precedent to access promised funding from the Chinese bank.

Of all the proposed major projects, only Kariba Hydro Power expansion project has taken off. The project, which will add 300MW project to the national grid, is now over 90 percent complete.

The first unit to add 150MW to the national grid is expected to be commissioned in December, while the other, to generate another 150MW, is expected to be commissioned in March next year.

About 10 promised hydro projects have a potential to produce about 349,10 MW. The projects include the Zimbabwe Power Company’s Gairezi project, which is expected to produce 30MW, Great Zimbabwe Hydro Power (5MW), H.T.Gen (3,3MW), Manako Power (2,5MW), Eastern Hydro and Electricity Supply Company (2,4MW) and Immaculate Technologies (1,7MW).

About 15 solar photovoltaic (PV) projects have been licenced; they have capacity to generate 495,55MW. The projects, which have also not yet started due to funding constraints, include Sinogy Power to produce 175MW, the Solar Group Zimbabwe (50MW) TD Energy (40,8MW), Solarwise Energy (50MW), De Green Rhino Energy (50MW), Yellow Africa (50MW), Centragrid (25MW), Utopia Power Company (15MW) and Indo Africa Power (10MW).

Magombo, however, said there were small IPPs that have been commissioned and are already operational.

Although their combined output is 1 215,52MW, about 2,45MW is currently being fed to the national grid from Duru, Nyamingura, Pungwe A, Pungwe B and Pungwe C power projects.

The other four — Border Timbers, Triangle, Hippo Valley and Green Fuel’s Chisumbanje power stations — largely generate electricity for own use and only feed surplus to the national grid.

ZERA, this year cancelled Indian conglomerate, Essar Africa Holdings’ power generation licences after the company ditched the country due to government bickering over its investment in integrated steel company, Ziscosteel.

Essar unceremoniously exited from Ziscosteel in 2015 after endless battles to resolve Ziscosteel’s indebtedness and other issues.

The cancelled licences were for a 600 MW thermal power plant in Hwange and another one for 60 MW, which was said to be for captive power at the Ziscosteel plant.

ZERA also cancelled the licence held by Rusitu Power Corporation, a smaller mini-hydro project that was meant to generate 0,75MW.

The country is struggling to provide enough electricity due to reduced power generation at power stations in Kariba, Hwange, Bulawayo, Munyati and Harare.

Currently, Zimbabwe is generating about 1 000MW on average against a national demand at peak periods of about 1 400MW.

To cover for the shortages, the power utility has been importing about 300MW from Eskom of South Africa and 50MW from Mozambique’s Hydro Cahora Bassa.

Mozambique:Triton Secures Agreement for Sale of All Its Graphite

London — The Australian mining company Triton Minerals, which holds the rights to three graphite deposits in the northern Mozambican province of Cabo Delgado, has announced that it has reached an agreement for the sale of up to a quarter of the graphite to be produced at its Ancuabe Graphite Project.

The deal with the Chinese company Haida Graphite follows similar agreements with the Chinese companies Sinoma and Tianshengda. As a result, Triton has now entered into agreements covering the entire graphite output from Ancuabe.

According to a statement from Triton, “Haida is a major Chinese graphite company with extensive mining, processing and sales experience. Haida produces a range of graphite products, including graphite sheets, spherical graphite, high purity and expandable graphite for customers in China and international markets including Japan, Korea, the US and Western Europe”.

These agreements are non-binding. However, Triton is working with its partners for the adoption of binding agreements to cover its output. The company plans to begin construction at its deposits next year with production due to commence in 2019.

Graphite is a form of carbon that is highly valued due to its properties as a conductor of electricity. It is used in batteries and fuel cells and is the basis for the “miracle material” graphene, which is the strongest material ever measured, with vast potential for use in the electronics industries.

Mozambique

Rio Tinto Charged With Fraud Over U.S.$3.7 Billion Deal

Rio Tinto and two former bosses were charged with fraud Tuesday by the US regulator, the Securities and Exchange… Read more »

Al Ghurair – 18m Ballots for Kenya Repeat Poll Ready

Photo: Mathias Ringa/Daily Nation

Ballot boxes at Malindi constituency tallying centre on August 9, 2017.

By John Ngirachu

The Dubai company printing ballot papers for next week’s repeat presidential election says it has finished printing 18 million papers, 90 per cent of the job.

Lakshmanan Ganapathy, General Manager of Al Ghurair Printing and Publishing, told a delegation sent to monitor the job that the first batch of the ballots should be in Kenya by Saturday night.

7 COUNTIES

These will be for the counties of Marsabit, Mandera, Wajir, Garissa, Isiolo, Tana River and Lamu.

The company was also asked to include Turkana in the counties that should get the papers first because of their distance from Nairobi, terrain and size.

Ganapathy said there are a few changes to differentiate the October 26 ballot papers from those used on August 8.

They are grey in colour and their serial numbers start from 30,000,000.

He said the company has also completed printing all the Forms 34A and 34B.

With the last presidential election annulled partly because of discrepancies on the forms on which the results were recorded, there is bound to be increased focus on the two forms.

There are 19 million voters and because of block printing and the need to cater for voters spoiling ballots before casting, there should be close to 20 million ballot papers.

Kenya

I Cannot Guarantee Credible Election – Polls Body Boss

IEBC Chairman Wafula Chebukati says under the current conditions and with a divided commission, he cannot guarantee the… Read more »

Jubilee is Persecuting Me For Supporting Opposition – Wanjigi

By Fred Mukinda

Businessman Jimi Wanjigi has, for the first time, spoken on the 72-hour raid, siege and attack on his palatial home in Muthaiga, Nairobi.

Mr Wanjigi spoke on Wednesday on emerging from his hideout after a failed police effort to arrest him.

GSU

He termed the three-day lockdown by officers drawn from the paramilitary General Service Unit, Directorate of Criminal Investigations and Special Crimes Prevention Unit as “absolute persecution”.

Addressing the media at his home in the company of National Super Alliance (Nasa) leaders, Mr Wanjigi said he is an “innocent Kenyan” being harassed by the State.

“I’m innocent and I’m being persecuted? If it was not for Baba (Mr Odinga) I do not know where some of my family members would be. He came at the right time and stopped them in their tracks.”

Mr Odinga went to the home on Tuesday night, engaged police, condemned the siege and spent the night there.

DETAINED

Mr Wanjigi was a wanted a man since Monday until his lawyers rushed to court on Tuesday and secured an anticipatory bail barring police from arresting him.

Claiming innocent, he accused police of disregarding the law.

“To them the law is relevant,” Mr Wanjigi said.

Mr Odinga said police had for some time prevented him from leaving the house, during which they claimed were acting on “orders from above.”

M4 RIFLE

He also revealed that when he arrived at the house, he found police officers under the beds “conducting the so called search.”

Before the search, police had told a Nairobi court that they would be looking for guns, ammunition and explosives.

After the search police said they found an M4 — a military-grade rifle — five pistols and a shotgun at his Muthaiga home in Nairobi and that they were hoping to find documents with information on importation and use of the weapons.

But Mr Wanjigi said he was not worried about the weapons find because “they are all licenced guns.”

Police finally left Mr Wanjigi’s house Wednesday morning.

Mr Odinga said what took place was “wanton destruction of private property” adding that Siaya senator James Orengo would move to court and file a case against Inspector General of Police Joseph Boinnet for contempt.

Uganda:Perceptions About Insurance Industry

By Christine Kasemiire

Despite the long existence of insurance in Uganda, the industry still has challenges with getting the public on board. Presently, insurance has only 0.73 per cent penetration in Uganda.

According to Mr Douglas Semakadde, the business development manager at Phoenix of Uganda Assurance Company Limited, their major customers are corporate organisations although, the Small and Medium Enterprise (SMEs) clients are more in number but mostly less valued in premiums. He said despite positive perception of clients on fold, lack of awareness especially among the uninsured public is still a challenge.

“With our customers, their perception is positive since they are already in the fold. With the ones approached, the struggle to get them informed still exists. But we are breaking barriers,” he says.

The fears

According to Ms Cynthia Nakowa, a risk assessor at Equity bank and former employee at UAP insurance company, people have a perception that the insurance companies do not pay claims which guarantees lack of trust from the claimants hence averting progress.

Download full magazine on What you need to know about insurance

She also reveals that people in Uganda see no reason to partake in insuring themselves or their properties because of the low disposable income.

“The public members I have interacted with are of the view that insurance companies do not pay claims. But I believe if people do not have enough disposable income, they will never think about getting an insurance policy,” she says.

Reiterating Ms Nakowa’s statements is Ms Ann Muhangi, the managing director at Wholesome consult, saying it is sad that Ugandans do not take insurance important yet for business, it is rather paramount for growth and sustainability.

The business consultant says reluctance in investing in insurance for most SMEs is only an issue of poor planning, they only tend to the now and not future plans. The proprietors merely get money and start up a business without thought of risk control, which could prove detrimental to a business, a major difference with the larger corporations.

Ms Muhangi says Small and Medium Enterprises (SMEs) are scared and use excuses of inadequate funds which limit them from venturing into the insurance industry, a statement she dismisses, saying if someone can afford to start up a business, they can also get involved in insuring them because it is affordable.

Furthermore, she says people do not believe in insurance because they think it will be too tiresome to demand for claims after demise of property. They believe they will get lost in demanding, losing more time and money.

“People are scared of it yet it is the future. They do not believe in it because they have a feeling it will be tiresome. They also blame the small capital base which keeps them maintaining a short-term business plan and not the long-term, they say, if I don’t have enough money for my business, where will I get the one for insurance?” she says.

Furthermore, owing to the future direction of business, in particular equity financing, she says insurance is the new future because it gives an investor confidence and buffer to recognise that even in calamities or any unavoidable circumstances, his or her investment could be compensated and reinstated.

Ms Muhangi says in future, it could be a requirement from investors before investing huge sums of money in a business.

That is why she advises SMEs to invest in insurance, lest they face losses when danger strikes.

However, Ms Nakowa believes that unless insurance companies introduce products for low-income earners, who make up a big portion of the country, insurance will maintain the challenge of low penetration in Uganda.

Contrary to Ms Nakowa, the chief executive officer of Insurance Regulatory Authority, Mr Alhaji Ibrahim Lubega Kaddunnabbi, says insurance should not be a balance remained expense. He said Ugandans should move from that mindset and prioritise insurance because it safeguards the property they buy with alot of money and they should value it too by insuring and protecting it.

Why Insure?

Mr Parag Shah, the chief finance officer at Madhvani Group Limited, says the company insures with East African underwriters because it is inevitable to have risks. The insurance they pay for is a guarantee of compensation in case of any risks. The Group has vast policies such as Marine insurance, cash insurance, fidelity insurance, buildings and medical insurance, among others.

He said: “We take all opportunity to mitigate risk of uncertainty which is part of any business.”

Mr Patrick Lubwama, the marketing manager at Hass Petroleum, says they insure their company with UAP to transfer risk to the risk takers (insurance company).

Chebukati Cannot Alter Presidential Poll Results – That’s Final

By Olive Burrows

Nairobi — In the public interest, the Supreme Court on Tuesday took the time to restate the position that the Chair of the Independent Electoral and Boundaries Commission, acting as the returning officer of the presidential election, cannot in any way alter the results from the constituency.

All five of the judges who heard an application for clarity on the matter from IEBC Chair Wafula Chebukati, concurred that his role in the October 26 fresh presidential poll will be limited to aggregating the 291 results as captured on the constituency result forms 34B.

This, they reiterated, did not exempt the Chairman from verifying that the results on the forms 34B tally with those from the 40,883 polling stations from which they are computed and where discrepancies emerge, make them publicly known – but the results to be relied on in the declaration of a winner, the judges made clear, are those from the 291 constituencies as the IEBC in calculating the overall August 8 result, the court found, correctly interpreted the Court of Appeal ruling on the matter to mean.

“Nowhere in the majority judgement did this court criticise the IEBC and Chebukati reliance on the Maina Kiai case, on the contrary what this court took issue with was the decision by Chebukati to declare the result that had not been tested against the transmitted results in form 34A from the 40,883 polling stations countrywide,” Deputy Chief Justice Philomena Mwilu read out on behalf of the majority.

When making any discrepancies arising out of the process of verification known to the presidential candidates, observers and public at large, the apex court also made clear, Chebukati should also come out clearly on the impact of said discrepancies on the outcome of the election.

“Any inaccuracies discovered by the verification of forms 34A and B, even as he declares the results as generated from forms 34B to generate form 34C, the effect of such inaccuracies on an election depends on their gravity or otherwise and Chebukati must state whether the discrepancies affect the overall results or not.”

But the power to correct said discrepancies, the court maintained, rests with them.

And while expressing reservations with regard to its power to entertain Chebukati’s application, it exercised its jurisdiction to set the public record straight.

“We entertain serious doubts as to whether this court has jurisdiction to clarify its judgement… (but) in exercise of the inherent powers of this court, we shall therefore proceed to determine whether there is any matter to be clarified and if so, to what extent. This assumption of jurisdiction is all the more necessary so as to avert the danger of an impression being created in the mind of the public that there exists an ambiguity in the court’s judgement even where there might be none.”

Kenya

Producers Earn Top Dollar From Specialty Tea Exports

Specialty tea from the Kenya Tea Development Agency (KTDA) earned the company as high as Sh29,973 ($291) a kilogramme at… Read more »

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