Super User

Super User

Vivo Energy, the owner of the Shell and Engen brands in 23 African countries, has named TotalEnergies executive Stanislas Mittelman as CEO designate.

The Sinopharm vaccine which is being administered in Namibia will now be recognized for United Kingdom (UK) inbound travel with effect from the 22 November, 2021.

Mines and Energy minister Tom Alweendo says Namibia will not completely do away with oil and gas while pursuing its plans to become a global hub for green hydrogen.

 The government could rake in at least N$166 million from its fourth fish quota auction which is set to close on December 3, 2021.

Mineral Resources and Energy Minister Gwede Mantashe has called on African nations to urgently form a united front to resist global pressure to rapidly abandon fossil fuels. 

Over the weekend Zambia experienced a national blackout due to a loss of "significant generation" to the country's power system. This however had a knock-on effect on South Africa's own power supply challenges, eventually leading to the implementation of Stage 4 load shedding for most of this week. 

NamPower has put out a tender for a contractor for the engineering, procurement and construction (EPC) of the 40 MW Rosh Pinah Wind Project.

Minerals and metals have emerged as the main drivers of growth in Namibia’s exports to the United States of America under the African Growth and Opportunity Act (AGOA).

The Ministry of Finance says it is planning to review the Public Servants Employee Medical Aid Scheme (PSEMAS) following a continued steep rise in operating costs.

Dubai plans to encourage private and family-owned businesses to list on its stock market as the business hub seeks to catch up with Abu Dhabi and Riyadh in the Middle East IPO rush.

The city merged its economic and tourism departments on Saturday, and one of the new entity’s main tasks is to prod private and family-owned businesses to sell shares on the Dubai bourse, according to a statement.

In the past week, Dubai has made a series of moves designed to attract listings to the city and catch up with regional rivals that have drawn billions of dollars over the past year. That included overhauling the board of the local stock exchange and plan to list state-owned utility DEWA -- one of 10 planned over the coming months.

Some of the well-known private firms and family-owned businesses in Dubai include Majid Al Futtaim Holding, the operator of Carrefour SA stores in the Middle East, and Al Khaleej Sugar Co., owner of the world’s largest port-based sugar refiner.

Saudi Arabia’s stock exchange is due to make its trading debut next month after starting the process to sell a 30% stake in an initial public offering, according to its chief executive officer. 

“We target to list the company in the first week of December,” Khalid Al Hussan said in an interview on Sunday. “The IPO is a continuation of our transformation,” he said, adding that the offering should give it a “better exposure and access to investors.”

The kingdom’s markets regulator last week signed off on Saudi Tadawul Group Holding’s offering of 36 million shares. SNB Capital, JPMorgan Chase & Co. and Citigroup are the IPO’s global coordinators and underwriters.

The offering, which may be one of the biggest in the exchange sector since Euronext NV’s $1.2 billion listing in 2014, could value the bourse at between $3 billion and $4 billion, people familiar with the matter said last month.

The exchange will offer all shares to institutional investors, with a clawback to retail investors of up to 10% of shares. Al Hussan said IPO subscription for institutions will start on 21 November and for individuals on 30 November.

Separately, Al Hussan said the exchange’s clearinghouse was on course to be fully operational in early 2022.fin24