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Fuel prices remain unchanged

Fuel prices for December will remain unchanged due to import price stability and barrel prices at low margins according to the Ministry of Mines and Energy.

The average price shipping bill came in low for refined oil, dropping by 5.23%. The Average Freight Rate Assessment decrease will have a good effect on recoveries of fuel prices seeing the downward result on nationwide fuel pump prices.

Unleaded Petrol 95 decreased by 5.36% per barrel which means pump prices will remain at N$10.49 per litre with the average price per barrel pegged at N$811.879.

Diesel 500 ppm will also decreasing by 3.73% standing at an average of N$798.561 per barrel and a pump prices of N$10.42 per litre.

Diesel 50 ppm traded at an average price of N$809.762 per barrel, a decrease of 3.35% and N$10.52 per litre at the pump.

The Ministry of Mines and Energy said that import price stability for refined oil and fuel products effect on the general fuel pump prices and vice versa. The over recoveries recorded on all the products were too low to warrant any adjustments.

Meanwhile, the Namibian dollar weakened further against the U.S dollar. The average exchange rate stands at N$14.0187 per US$ compared to N$13.5220 per US$ for the preceding period. This represents a Namibia dollar depreciation of 3.54% relative to the US$. Oil trading is conducted with the USD around international markets from which Namibian companies import refined hydrocarbons.

The ministry indicated that Petrol and diesel pump prices at various inland destinations countrywide will also remain unchanged.

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

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20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.