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Fuel pump prices to increase next week

Fuel pump prices to increase next week

Motorists will have to fork out more for fuel following the announcement by the Ministry of Mines and Energy, with the increase expected to kick in on 6 December. at 00h01.

According to the announcement , around midnight, 95 Octane Unleaded Petrol will cost N$11.70 per litre, while Diesel (500ppm)m will be N$11.73 per litre and Diesel (50ppm) will cost N$11.78 per litre.

The Minister of Mines and Energy, Obeth Kandjoze said the hike is a result of the unfavourable exchange rate between the Namibia Dollar against the US Dollar.

“A heavy depreciation was recorded during the month of November, from an average of N$13.7 in October to a whopping N$14.10 in November. This means that oil companies have paid more in terms of the local currency in November compared to October, to bring fuel to our shores,” Kandjoze said.

It has been several months since OPEC, the largest oil cartel in the world, struck an agreement to cut the supply of oil in the global market in order to control the price at which a barrel is sold. This was after oil prices crumbled in 2016, making it difficult for participants in the market to earn substantial returns on their investment, thereby halting some exploration at least until the situation gets better for them.

Moreover, the situation has gotten better for investors in the oil market, and worse for price takers. Oil prices have begun surging at a faster pace than the ability of net oil importers to contain them.

“During the period under review, the average price for a refined barrel of oil was US$73 for both, petrol and diesel. This is US$5 higher than last month’s average of US$68 per barrel. This is a substantial increase within a short period of time and its impact on the price takers (oil-importing countries) is severe,” Kandjoze concluded.


 

 

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

Promotion

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.