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FOCUS MONDAY

30/05/22 Market Watch

SA govt mulls ­extending fuel levy ­intervention

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RUSSIAN PRESIDENT VLADIMIR PUTIN

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. . . we are starting to concentrate our ­economic, financial and ­ administrative resources on breakthrough areas.

Coordinating Editor: Jo-Maré Duddy • Tel (061) 297 2073 • E-mail: [email protected]

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N$193.7 mln Value of total trade on the Overall Index of the NSX last week. NAMIBIAN STOCK EXCHANGE

NMH Marketing Manager: Publications: Hennie Geldenhuys • Tel (061) 297 2201 • E-mail: [email protected]

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Gen. Murtala Muhammed AVE P.O. BOX 3436, Windhoek Tel: 061 297 2000; Fax: 061 223 721

PHOTO UNSPLASH

Insurers worried about serious diseases

Covid-19 claims break records Liberty last year payed roughly R46 million in claims every working day. LONDIWE BUTHELEZI

I

nsurers thought 2020 was bad when Covid-19 related deaths pushed claims to record highs. But 2021 has broken that. The third wave, driven by the Delta variant, proved to be the deadliest of them all. And suddenly what seemed like unprecedented claims for Liberty in 2020 almost doubled in 2021. The Standard Bank-owned insurer has just released its claims statis-

tics. In 2020, it paid R6.34 billion in claims. In 2021, this shot up to R10.12 billion. Liberty was paying roughly R46 million in claims every working day. “The third wave, the Delta wave had the biggest impact on claims volumes. Death claims and funeral claims went up drastically. That impact lasted until around AugustSeptember. We were still seeing really high numbers,” said Liberty’s head of claims, Tumi Mothoagae. Mothoagae said even after that, the claims volumes never went back to pre-pandemic levels. However, after the third wave, the nature of claims started to change. Liberty started receiving more dis-

ability, critical illness and income protection claims.

CRITICAL ILLNESS

Under the fourth and the current fifth wave, the insurer’s attention started moving to new emerging trends. Covid-19 still preoccupied the minds of Liberty’s actuaries’ and medical staff, but the critical illness claims that started rolling in worried Liberty more. In 2020, most insurers saw a marked decline in these kinds of claims. Liberty sounded the alarm back then that more people were possibly skipping their annual checkups and that this could lead to more serious diseases in the future.

Unfortunately, that prophecy has become a reality. Liberty’s chief medical officer, Dr Dominique Stott, said there’s been an uptick in disability and critical illness claims resulting from cancer. “That is an international trend as well. Whereas previously the testing that was available to people to go for primary testing – the mammograms, the blood tests for prostate cancer – that was not happening. So, now we are seeing more serious cancers presenting as claims. It’s stages 2, 3 and 4 instead of stage 1,” said Stott.

CLAIMS PAID

After Covid-19, which accounted for 21.2% of claims Liberty paid in 2021,

‘Closest thing to black swan event’

They ran into situations where the policyholder passed away while the beneficiary’s life was also hanging on a thread. And sometimes, they died at the same time.

You had got multiple breadwinners passing away at the same time.

LONDIWE BUTHELEZI “We were not prepared for what was coming,” said Momentum’s head of claims, Nirusha Naidoo as she was about to unpack the chaos, devastation, and destruction of families in 2021 that the insurer had never seen before. Momentum paid record claims of R8.97 billion in 2021. Jenny Ingram, the head of product development at Momentum, said it was the closest thing to a black swan event. Momentum’s flagship insurance product, Myriad, recorded a 77% spike in claims compared to 2020, which was already an eventful year. “If you crunch the numbers a little bit, it comes down to about R5 million every working hour that was

cancer came at a close second, accounting for 20.7% of all claims. In fact, more than half of the R10.12 billion Liberty paid went towards four critical illness claims - cancer, cardiovascular disorders, respiratory diseases and strokes. Stott said as Covid-19 was on everybody’s lips in the past two years, South Africa took its eye off on these other deadly diseases. In total, R6.65 billion went towards other leading causes of claims and R3.47 billion went to Covid-19 claims. Even with the emergence of “Long Covid”, Liberty is more concerned about these long-standing diseases and other causes of claims like accidents. GO TO PAGE 2

Nirusha Naidoo Head of claims: Momentum

PHOTO UNSPLASH/MUFID MAJNUN

paid out in 2021,” said Ingram. The third Covid-19 wave was the most devastating. Momentum went from paying R339 million and R1 billion in the first and second waves respectively to R2.5 billion in Covid-19 related death claims in the

third wave. In total, Covid-19 deaths accounted for R4 billion out of the R8.97 billion payouts in 2021. Thankfully, as more people got vaccinated against the virus, Covid-19 related death claims came down significantly to around R49 million

during the fourth wave.

DEVASTATION

Naidoo said while the numbers were already eye-popping, it was the devastation caused by C ­ ovid-19 that struck her and her team the most.

She said the insurer was receiving letters from desperate spouses asking if their claims could be processed urgently because they had nothing. The only breadwinner in the house has passed on and children were starving. “In some households, a father and a son passed away at the same time, or within relatively close periods of each other. So, you had got multiple breadwinners passing away at the same time,” said Naidoo.

GO TO PAGE 2

2

Market Watch

MONDAY 30 MAY 2022

PHOTO UNSPLASH/KANCHANARA RAY

No slump for pump and dump crypto gangs Scamming industry worth billions The crypto economy has been torn to shreds in recent weeks, with hundreds of billions knocked off the value of the sector and some currencies completely collapsing.

I

n a sleepy corner of the cryptoeconomy, the value of an obscure coin called Enzyme was tumbling downwards along with its peers earlier this month — but then something unusual happened on 15 May. Enzyme, also known as MLN, rocketed from US$30 to more than US$74 in just minutes and daily trading volumes exploded from around US$3 million to more than US$100 million, according to CoinGecko. A few hours later, it had crashed back down to US$35. The coin had just been “pumped and dumped”, an age-old scam when traders get together and orchestrate a price hike to bag a quick profit. “In the stock market, pump and

dump is illegal, which is why criminals take advantage of the less robust regulatory framework around crypto assets,” said Mircea Mihaescu of compliance outfit Coinfirm. The crypto economy has been torn to shreds in recent weeks, with hundreds of billions knocked off the value of the sector and some currencies completely collapsing. The scamming industry — worth some US$7.8 billion last year, according to Chainalysis data — has not given up though. Scammers continue to find fertile ground on the Telegram app and Twitter, positioning themselves as benevolent heroes helping those who have lost out in the crash. The rationale preys on the cultlike nature of crypto investing, but experts say it is far from the truth.

‘Shill it on Twitter’

The 15 May call to arms came on a Telegram group called WallStreetBets - Pumps. After several messages building the hype, the group wrote: “The coin

we are buying is $MLN... Shill it on Twitter to make it trending.” Twitter immediately lit up. “Whales accumulating, worth a shot!” tweeted a user called CryptoSanta, referring to the nickname of mega-rich investors. Enzyme Finance, the firm that owns the MLN coin but has no link to the Telegram channel, quickly tried to calm things down. “Please be careful of fake accounts looking to operate pump and dump schemes,” the firm tweeted, distancing itself from the feeding frenzy. But everyone who saw the Telegram messages or the hype on Twitter knew their only chance to make a profit was to get in and out fast. In reality, almost all of them would have lost. The price spike lasted for just minutes and the only ones guaranteed success were those organising the scam. “In any pump and dump scheme, everyone is convinced they are the pumper,” said behavioural economist Stuart Mills from the London School of Economics.

‘Closest thing to black swan event’ FROM PAGE 1

She said it was the first time that they saw a virus that just impacted families so severely and turned families upside down as Covid-19 did. Momentum found that Covid-19 continued to affect men more than women. The split of its Covid-19 death claims was almost 70/30, with 72% paid to male clients and 28% to women. It also noticed that the virus had more severe complications for people with a BMI of above 28. “The research and the theory around that would be that people with a higher BMI often have comorbidities. So, being in that obese range, you’re looking at [comorbidities like] hypertension, high cholesterol, diabetes. And that does play a role in how sick you got,” explained Naidoo.

BIGGEST CLAIMS

Last year didn’t only break records in the quantum of claims the insurer paid out. It also broke the records of

the biggest claim paid to one person. Previously, the biggest claim to one person in the insurer’s records was paid in 2020 – a R70 million payout to someone who died because of Covid19. In 2021, the biggest claim was R86 million paid to a client who died by suicide. The second-biggest claim was R84 million due to a helicopter crash. The third and fourth claims were also in excess of R60 million each, both related to Covid-19 deaths. Momentum’s head of business development, George Kolbe, said while 2021 was still a year of Covid-19, like Liberty, Momentum is also worried about the rise in serious cancer claims.

THE BIG C

Kolbe said what happened during the lockdown was that routine medical check-ups and necessary examinations fell by the wayside. So, the insurer was sort of expecting to see an uptick in cancer claims in future. Ingram said on disability claims,

Momentum usually sees strokes as the leading cause. But 2021 was the first year where cancer was the main reason for disability claims. “That’s quite unusual for that particular product because if you think about when cancer renders one disabled; it’s typically when it’s quite serious at stage three, or four,” said Ingram. This meant that claimants were diagnosed quite late. So, while strokes and heart attack claims declined, cancer cases for both males and females went up by 30%. The other emerging top cause of disability claims was mental illnesses. Psychiatric claims for females rose to about 20% more than the levels Momentum recorded before the pandemic. “So, something is changing. Maybe it’s easier for people to work at home, maybe there’s more flexibility. But I think time will tell what the long-term effect will be,” said Ingram.  – Fin24

AFP was unable to reach WallStreetBets - Pumps for comment. But it is far from the only group openly pumping coins on Telegram. Kucoin Crypto Pumps Trading, for example, is already advertising a pump timed for this week. Monaco Pump Group claims to be run by “two of the richest whales in Monaco”.

‘Mega whales’

In fact, data scientist Matt Ranger reckons most of these schemes are run by groups of chancers and lowlevel career scammers with one main skill - marketing. “You don’t have to know how to write a line of code,” he said of the pump and dump schemes. The Telegram groups churn out messages that tap into the sense of grievance at the heart of the crypto-economy - the feeling that mainstream economic institutions have failed young people. “This signal was meant for everyone to recover from the recent Luna events,” the WallStreetBets group said, referring to the failure of a major crypto project called terra/luna. And the group thanked “mega whales” for helping to pump up the value.

Conspiracy

The insular world of crypto creates its own fictions, where billionaires sacrifice themselves for the good of the community. It goes hand-in-glove with currently popular conspiracy theories that the crash in the crypto economy was engineered by investment firms like BlackRock or Citadel. These companies, the theory goes, deliberately crashed bitcoin so they could buy into the space at a lower price. Stuart Mills points out that this helps the pump and dump groups to de-humanise their victims and boost their own sense of grievance. “All of a sudden these unethical means become more justified,” said Mills. “I was screwed, so time to screw the bad guys over.” However, Matt Ranger points out that during slumps like the current one, such scams quickly become unsustainable. “The only buy orders are the people on that Telegram group or on Twitter,” he said. “As soon as you hit the last one, it collapses, because there’s nothing else, there’s no organic real demand.” – Fin24/AFP 

Covid-19 claims break records FROM PAGE 1 “We are just not seeing as much Long Covid as we thought. We heard a lot of talk about the tsunami of Long Covid, based on overseas stats. “We also heard a lot about a tsunami of mental illness claims. We’ve seen some increase. But it hasn’t been unmanageable,” said Stott. The only thing positive in 2021 was that retrenchment claims started stabilising, staying mostly constant throughout the year. Kedibone Chuene, the chief specialist for Liberty’s flagship life product, the Lifestyle Protector, said what caught the insurer by surprise in 2020

was that it was mostly young women in their 20s to mid-30s were losing their jobs. In 2021, the numbers were no longer as high as in 2020. Retrenchment claims accounted for 7.2% of all Lifestyle Protector claims, compared to 8% in 2020.

HUGE CHANGES

“I think sometimes it’s very easy for everyone to only see the impact of Covid-19 in terms of people dying. But we should also look at it in terms of how it has changed our lives in terms of how we work, where we work and the survival of the economy in terms of where we draw our incomes,” said Chuene.  – Fin24 

3

Market Watch

MONDAY 30 MAY 2022

Major fuel hikes loom

SA govt mulls extending fuel levy intervention Britain’s Chancellor of the Exchequer Rishi Sunak. PHOTO REUTERS

UK taxes oil giants to help slash consumers’ bills Britain’s finance minister Rishi Sunak has unveiled a sizeable support package for consumers hit by soaring energy bills, with help from a temporary windfall tax on oil giants. A government package worth £15 billion will be funded in part by an exceptional levy on soaring profits enjoyed by the likes of BP and Shell that have benefited massively from surging oil and gas prices. That marked a U-turn for embattled prime minister Boris Johnson, who previously insisted such a move would hinder efforts by oil majors to invest in greener energy. But Sunak told parliament on Thursday: “It is possible to both tax extraordinary profits fairly and incentivise investment.” The Chancellor of the Exchequer acted after British annual inflation surged to a 40-year high on rocketing energy costs, squeezing household budgets and leaving many struggling to make ends meet. “We need to make sure that for those whom the struggle is too hard and for whom the risks are

too great they are supported,” Sunak added. ‘SIMPLY UNACCEPTABLE’ “This government will not sit idly by while there is a risk that some in our country might be set so far back they might never recover. This is simply unacceptable and we will never allow that to happen.” Countries around the world are experiencing decades-high inflation as the Ukraine conflict pushes up energy and food prices, in turn forcing the Bank of England and other central banks to ramp up interest rates. Sunak said the new energy tax would be charged on profits of oil and gas companies at a rate of 25%. “It will be temporary and when oil and gas prices return to historically more normal levels the levy will be phased out.” The tax would raise about £5 billion of revenue over the next year, according to the Treasury. The money, plus a further £10 billion, will fund support payments helping especially the poorest. 

– Fin24/AFP

The minister in the South African Presidency Mondli Gungubele has confirmed the government is deliberating on how best to ease the burden on citizens as fuel hikes loom.

PHOTO REUTERS

JUNIOUR KHUMALO

T

he South African government is still deliberating whether to continue with its fuel price relief intervention introduced in March, as the latest data from the Central Energy Fund (CEF) shows a marked increase expected for June. With the hopes that global energy prices would stabilise by the end of May, government introduced a temporary 40% reduction in the duty imposed on each litre of fuel for April and May, helping contain increases in the retail prices of fuel. The hope was that the two months would create enough of a buffer for local petrol prices to reduce at a more normalised rate. But now time is up, and motorists and commuters are set to face an almost 80% increase in domestic fuel prices since 2020’s pandemic-induced record low. Fuel prices are set to increase by between R2.27 and R2.36/litre for petrol from 1 June. However, briefing the media on Thursday morning on the outcomes of Cabinet’s meeting on Wednesday, the minister in the presidency Mondli Gungubele said government was giving the matter strong consideration. “Whether the government will intervene again and ensure that fuel prices remain reasonable as it’s a

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matter that affects the entire country is receiving special consideration because it affects our economy very strongly,” said Gungubele. He added that following deliberations, finance minister Enoch Godongwana and mineral resources and energy minister Gwede Mantashe would be the best-placed individuals to address the nation on what steps would be taken by the government to intervene.

Floods

Gungubele said: “Cabinet thanked all non-governmental institutions, faith-based organisations, communities, business people and relief organisations that provided food, clothes, blankets, dignity packs and school uniforms to vulnerable families to meet their basic needs.” He added that while efforts were under way to assist those affected by the floods, there were numerous challenges faced by the government in this regard.

“The National Disaster Management Centre continues under the leadership of CoGTA Minister to coordinate all spheres of government in its effort to provide humanitarian relief to all affected households though there are a number of challenges,” said Gungubele. The government officials who briefed Parliament’s ad-hoc joint committee on flood disaster relief and recovery on Monday said flood disaster relief and recovery in KwaZulu-Natal (KZN) was going to cost at least R25 billion. The province experienced more rains on Saturday, following last month’s devastating floods, which claimed over 440 lives and left a trail of destruction. National Council of Provinces (NCOP) MP Tim Brauteseth said the recovery is going to cost a lot more than the R1 billion which was allocated – and yet to be released – by Treasury as a relief effort in the wake of the floods.  – Fin24

4

Market Watch

MONDAY 30 MAY 2022

Foreign company withdrawals thrill Putin ‘Thank God,’ says Russian leader

Since the war, a host of major foreign investors - ranging from BP to McDonald’s ­Corp have exited.

P

resident Vladimir Putin said on Thursday that he was glad some foreign companies had left Russia because home-grown businesses could take their place, and he warned the West that Moscow would still find ways to acquire advanced technology and luxury goods. Putin has cast the invasion of Ukraine as a turning point in Russian history: a revolt by Moscow against the United States, which he says has humiliated Russia since the 1991 fall of the Soviet Union. Ukraine says it is fighting for its survival. Besides the death and horror of war, the conflict and the West’s attempt to isolate Russia as punishment have crimped global economic growth and triggered a wave of inflation as the prices of grain,

Russian president Vladimir Putin. PHOTO REUTERS

cooking oil, fertiliser and energy soar. Since the war, a host of major foreign investors - ranging from BP to McDonald’s Corp - have exited just as the Russian economy faces its worst contraction since the years follow-

ing the turmoil of the Soviet collapse. “Sometimes when you look at those who leave - thank God, perhaps? We will occupy their niches: our business, our production – it has already grown, and it will safely sit on the ground prepared by our partners,” Putin said. Speaking by video link to leaders of ex-Soviet states, Putin quipped that luxuries such as the Mercedes favoured by bandits in the chaos of post-Soviet Russia would still be available, though he admitted they might be a little more expensive. “It will be a little more expensive for them but these are people who already drove Mercedes 600s and they will still do so. I can assure you they will bring them in from wherever, from whichever country.”

TECHNOLOGY

Putin said Russia still needed access to the advanced technologies of developed economies. “We are not going to cut ourselves off from this - they want to squeeze us out a bit, but in the modern

world this is simply unrealistic, impossible.” He did not elaborate on how Russia would find ways to maintain access to western components and software. Putin promised that Western attempts to isolate Russia would fail, saying developed economies were grappling with an inflationary spiral, broken supply chains and a food crisis just as the centre of global economic power had moved to Asia. Western sanctions have stoked Russian inflation while snarling supply chains, though Putin said the country is coping well and that Russia is turning away from the West in favour of China, India and other powers. “Representatives of our businesses face problems, of course, especially in the field of supply chains and transport. But nevertheless, everything can be adjusted, everything can be built in a new way,” Putin said. “Not without losses at a certain stage, but it helps us in a way to become stronger. In any case, we

are definitely acquiring new competencies, we are starting to concentrate our economic, financial and administrative resources on breakthrough areas.

CENTRAL BANK

Russia’s central bank slashed its key interest rate to 11% on Thursday and said it saw room for more cuts this year, as inflation slows from more than 20-year highs and the economy heads towards a contraction. Russia’s February 24 invasion of Ukraine has killed thousands of people, displaced millions more and raised fears of the most serious confrontation between Russia and the United States since the 1962 Cuban Missile Crisis. Putin says the United States was using Ukraine to threaten Russia through NATO enlargement and Moscow had to defend against the persecution of Russian-speaking people. Ukraine and its Western allies reject these as baseless pretexts to invade a sovereign country.  – Fin24/Reuters 

5

Market Watch

MONDAY 30 MAY 2022

Economic Indicators Currency

Spot

Currency

Spot

1M

3M

6M

12M

USD/NAD

15.7431

NAD/AUD

0.0898

USD/ZAR

15.8128

15.9219

16.0741

16.3518

EUR/NAD

16.8593

NAD/NZD

0.0988

EURO/ZAR

16.9655

17.1472

17.4167

17.9441

GBP/NAD

19.6616

NAD/BWP

0.7662

GBP/ZAR

19.7564

19.9078

20.1279

20.5633

NAD/CHF

0.0613

NAD/JPY

8.0886

ZAR/JPY

8.0441

7.9630

7.8344

7.5703

Please call your Private Banker or alternatively SMS PMM to 34778 *Effective rate (withholding tax still to be applied)

COMPANY NEWS IN BRIEF

Closing prices 27 May 2022

Commodities Gold US$1 851.80/oz Platinum US$955/oz Copper US$9 382/t Zinc US$3 813/t Oil Brent Crude US$118.80/bbl

0.19% 1.38% 0.26% 1.9% 1.01%

Selected NSX stock

PEPKOR GROWS PROFIT BY 28% Pepkor grew its headline earnings per share by 28% to 91.5 cents in the six months to end-March, with revenue up 3% to R42 billion. The Pep and Ackermans owner did not declare an interim dividend. Pepkor said it achieved “ongoing organic growth” thanks to its store expansion programme, with another 144 new stores opened in the period, pushing its global store footprint to 5 708 at the end of March. It still plans to open 300 stores altogether in the financial year. It said its newly acquired Brazilian retailer Grupo Avenida’s operating performance “exceeded expectations”. “Good progress was made in preparing the business for growth, while improved working capital, in particular inventory levels, supported sales performance. Avenida currently operates 130 stores.” Pepkor said the results excluded the benefit of the global settlement by its majority shareholder Steinhoff, which amounted to R429 million, or 12 cents per share. Its exposure came through management investment company, Business Venture Investments, which was invested in Steinhoff shares. Pepkor provided a financial guarantee, which was converted to a loan in 2020. – Fin24  MR PRICE REPORTS EARNINGS JUMP

B2Gold Corporation 64,23 1,70% Strong retail sales growth and the acquisiAnirep 9,00 tion of kitchenware company Yuppiechef Capricorn Investment Group Ltd 13,29 and value retailer Power Fashion are major FirstRand Namibia Ltd 30,50 factors in an expected jump in earnings for Letshego Holdings (Namibia) Ltd 3,00 Mr Price. MTC 7,51 Namibia Asset Management Ltd 0,67 In its trading statement for the 12 months Namibia Breweries Ltd 41,00 2,50% to 2 April, Mr Price said it expects a 17% to Nictus Holdings - Nam 1,75 22% jump in headline earnings per share, to Oryx Properties Ltd 10,25 at most 1302.8 cents. Paratus Namibia Holdings 12,01 SBN Holdings 4,00 Trustco Group Holdings Ltd 0,99 Local Index closed 485,95 0,80% Overall Index closed 1765,68 1,73%

JSE Top 40 Absa Group Ltd 172,97 2,90% African Rainbow Minerals 252,77 1,98% Anglo American Platinum Ltd 1672,58 0,92% Anglo American Plc 749,26 0,88% AngloGold Ashanti 276,90 0,54% Anheuser-Busch InBev SA/NV 877,79 1,76% Aspen Pharmacare Holdings Ltd 159,25 0,02% BHP Billiton Plc 494,08 3,41% Bid Corporation Ltd 333,98 1,58% Bidvest Group Ltd 209,50 3,54% British American Tobacco Plc 698,37 1,44% Capitec Bank Holdings Ltd 2146,31 2,16% Clicks 292,21 0,96% Compagnie Financiére Richemon SA 168,95 3,59% Discovery Ltd 141,18 2,13% FirstRand Ltd 68,75 2,28% Glencore Plc 103,46 0,46% Gold Fields 185,22 0,99% Harmony Gold Mining Company 56,22 1,11% Impala Platinum 212,69 0,42% Kumba Iron Ore Ltd 550,78 3,52% Mediclinic International Plc 75,50 1,07% Mondi Plc 304,89 0,03% MTN Group Ltd 163,76 0,84% MultiChoice Group 130,99 0,54% Naspers Ltd 1586,37 0,86% Nedbank Group Ltd 220,28 3,40% Northam Platinum 185,88 0,33% Old Mutual Ltd 12,48 3,40% Prosus NV 756,92 0,54% Quilter Plc 23,53 0,80% Reinet Investments SCA 319,41 1,54% Remgro Ltd 145,40 3,11% Sanlam Ltd 66,43 1,48% Sasol Ltd 403,94 0,26% Shoprite Holdings Ltd 211,61 1,74% Sibanye Stillwater 50,41 0,86% South32 Ltd 54,28 2,42% Standard Bank Group Ltd 168,20 3,48% Vodacom Group Ltd 144,92 0,85% JSE All Share Index closed 70485,50 1,44%

Mr Price said it expected to show at the release of its interim results on 9 June that it had strong annual retail sales growth and a “solid operating performance”, despite last year July 2021, which resulted in the looting of 111, or 7%, of the group’s 1 592 stores. The gains from the insurance proceeds were added to the headline earnings per share, but will not contribute “a material proportion of the difference between growth rates in basic and headline earnings.” Claims for business interruption losses relating to the unrest are still being assessed and Mr Price expects to receive the proceeds in the 2023 financial year.  – Fin24 AFRICAN BANK EYES GROWTH IN ­BUSINESS BANKING African Bank has bought Grindrod Bank to cement its recent entry into business banking. The bank announced on Thursday that it has acquired 100% of Grindrod Bank, a subsidiary of the JSE-listed shipping giant that has been operating as an investment bank in SA for 28 years. The deal is worth R1.5 billion. Grindrod Bank has a big corporate and business banking customer base in SA who had deposited just over R11.2 billion with it at the end of 2021. Over and above the typical corporate and SME lending products business bankers have, it has a specialised property finance division for the commercial and industrial property that offers bridging finance for landlords over and above mortgage loans. So, Grindrod Bank will also provide a strong entry point for African Bank into the property finance market. Grindrod Bank CEO David Polkinghorne said the bank has had several suitors over the

years. Other investors have possibly been watching how it has carved its niche in the highly contested business banking space in SA. It was already a sizeable and “core” business for Grindrod Limited. It contributed R97 million to the group’s core headline earnings in 2021 – a portion equal to 13.7% of the group’s adjusted headline earnings.  – Fin24

HCI POSTS STRONG PROFIT RECOVERY Following a week of confusion – where the group released two wildly different profit updates within a day of each other – Hosken Consolidated Investments (HCI) reported strong results on Friday. Its income for the year to end-March, increased by 36% to R19.1 billion, while its headline profit per share jumped to R13.21 up from R2.87 in the previous financial year. Due to the impact of the Covid-19 pandemic on the group’s operations and the requirement to preserve cash resources, the board, however, decided not to declare a final dividend. HCI’s major shareholder is the South African Clothing and Textile Workers Union. The group’s investments include in eMedia, Tsogo Sun, VSlots, and Deneb. In addition to other oil and gas exploration holdings, HCI also has an indirect stake in an oil find block off the Namibian coast being developed by, among others, Total. According to analyst Anthony Clark of Small Talk Daily Research it is this option the group has that is keeping its share price up. “If it did not have the oil find, its share price would be fundamentally overpriced,” Clark said. HCI’s share price has jumped 175% – Fin24 over the past year.  PHOTO REUTERS

6

Market Watch

Market Watch Spertye: Deadlines:

monday 30 May 2022

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CONTENTS

001 Sterfgevalle 002 In Memoriam 003 Dankbetuigings 004 Verlore 005 Kennisgewings 006 Persoonlik 007 Opleiding

035 Regskennisgewings 001 Death Notices 002 In Memoriam 003 With Gratitude 004 Lost 005 Notices 006 Personal 007 Training 008 Employment Wanted 009 Vacancies 010 Services 011 Congratulations 012 Properties 013 Construction 014 Accommodation 015 Wanted to Let 016 To Let 017 Commercial Wanted to Let 018 Commercial to Let 019 Commercial Property to Buy 020 Comm. Property for Sale 021 Goods Wanted to buy 022 Goods for Sale 023 Animals 024 Bicycles and Motorcycles 025 Vehicles 026 Trucks and Trailers 027 Residential Prop. to Buy 028 Residential Prop. for Sale 029 Businesses 030 Farms Wanted to Buy 031 Farms for Sale 032 Auctions 033 Erven Wanted to Buy 034 Erven for Sale 035 Legal Notices

008 Betrekkings gevra 009 Vakatures 010 Spesiale dienste 011 Gelukwensings 012 Eiendomme 013 Bou en verf 014 Akkommodasie 015 Te huur gevra 016 Te huur 017 Kommersieel te huur gevra 018 Kommersieel te huur 019 Kommersieel te koop gevra 020 Kommersieel te koop 021 Allerlei te koop gevra 022 Allerlei te koop 023 Diere 024 Motorfietse en fietse 025 Motors 026 Vragmotors en sleepwaens 027 Huise te koop gevra 028 Huise te koop 029 Besighede 030 Plase te koop gevra 031 Plase te koop 032 Veilings 033 Erwe te koop gevra 034 Erwe te koop

RATES & DEADLINES To avoid disappointment of an advertisement not appearing on the date you wish, please book timeously. Classified smalls, notices and display smalls: 13:00, two working days prior to placing. A handling fee of 15% is payable on cancellations received in writing by 13:00 two days before scheduled publication. No cancellation will be accepted if received after this deadline. RATES: (Monday - Friday) › Classifieds Smalls: N$95.45 for the first 20 words and N$2.40 (15% Vat included) for every word thereafter › Display Smalls: N$108.10 per col/ cm (15% Vat included) › School notices: N$66.70 (15% Vat included) per col/cm › Churches: N$66.70 (15% Vat included) per col/cm › Sport Clubs: N$66.70 (15% Vat included) per col/cm › Births, engagements, marriages, deaths, In memoriam: N$66.70 (15% Vat included) per col/cm › Legal Notices: N$633.65 for the first 300 words and N$2.40 (15% Vat included) for every word thereafter

CONDITIONS OF ACCEPTANCE: Republikein reserves the right to withhold or cancel any advertisement order that has been accepted. Republikein accepts no liability for failure to publish an advertisement received by telephone. ERRORS: Please report errors immedi-ately. Republikein accepts no responsibility for more than one incorrect insertion of any advertisement of any cost beyond the cost of the space occupied by the faulty advertisement. No re-publication will be given due to small typographical errors which do not lessen the effectiveness of the advertisement. Republikein does not accept responsibility for mispresentation in advertisements.

BOOK & PAY FOR YOUR CLASSIFIED ADS ONLINE Visit https://classifieds.my.na - log in via your my.na account and follow the easy steps to upload your classified ad.

y toda... is

Water a floWer day

005

Kennisgewings Notices

Motors Vehicles

025

BEGRAFNISPOLIS: Verseker u lewe + wys u liefde vir familie. Kry N$100 000 vir man en vrou vir N$150 met onmiddellike dekking, afhangende van ouderdom en rookgewoonte. Skakel: 081-1220040/ 081-6118156. DM0202200402478

009

Vakatures Vacancies

POSITION: BINCHO-TAN PRODUCTION SPECIALISTS Qualification and Experience:· 10 years experience in the production of high quality Bincho-tan.· 5 Years experience in the starting up and management of a Binchotan factory.· 5 Years international experience in the construction of a Bincho-tan plant. Job Description:· Design and construction of Bincho-tan plant.· Manage production and quality control of Bincho-tan.· Manage production deadlines.· Train employees in the art of producing high quality Bincho-tan. · Be able to speak and write Korean and English.· Well organized and computer literate. Salary: Market Related. Application process: Please email CV/ Resume to [email protected] before the 3rd of June 2022. DM0202200402 952

MATURE MEDICAL RECEPTIONIST/ ADMINISTRATOR required with Grade 12 graduation. Experience in the use of Elixir software will be an advantage. Competitive remuneration offered. Only suitably qualified candidates should apply, not later than 15 June 2022. Send CV to: Vacanciestoday22@gmail. com. For Attention Advertiser: Only shortlisted candidates will receive a reply. DM0202200402985

010

Spesiale dienste Services

PJ PETER RENOVATIONS CC: Plumbing, elektriese werk, bou, verf, teël, plafonne, verseël van dakke, inbou van kaste asook inlegstene, sweis, slastowerke en swembaddens. Vir gratis kwotasies skakel 081-3228640. DM0202200402932

DO YOU URGENTLY NEED CASH? Park your car and get up to 45% of it’s value! Cash in your account in 30 min! No payslip, no bank statement just the car! Auto cash 061-400676. It’s that simple!

DM0202200402258

JP WIESE PLUMBING SERVICE. Repair and maintenance of all plumbing problems at houses and industrial buildings. Pieter Wiese: 081-1245347 Office: 061-229704 [email protected] DM0202200402492

SEWING MACHINE REPAIRS AND SERVICES. Domestic and Industrial. Free collection and delivery once a week in Windhoek. Industrial machine repairs done on site. Contact 831 311 8067. DM0202200402638

016

Huise te koop 028 Residential Prop. for Sale OSONA VILLAGE DEVELOPMENT. Phase 9, Featuring 2 bedrooms and 3 bedrooms double storey houses. Defy island cooker hood complete with builtin stove. 150 Litre solar geyser. (2 Bedrooms), 200 Litre solar geyser. (3 Bedrooms), builtin cupboards in all bedrooms, pre-paid electricity meter, prepaid water meter, roof insulation. Free curtain rods for hanging curtains. Free bathroom accessories. Free hanging line. Maintenance for 1 year. Front yard fully interlocked. Front boundary wall with pedestrian and vehicle manual gates. NB: We pay good referral commission to the public and Agents are also welcome. Call Rachel on 081-8140941 or visit us at Osona Village every Saturday for viewing. DM0202200402461

ON SHOW – 4 JUNE 2022: from 09H00 to 15H00, Investor’s opportunity in a 24 Hour Security Estate for N$570,000! Invest in your own 2bedroom, 1 bathroom unit in Otjomuise Community Lifestyle Estate. With established tenants and a monthly rental income of N$4500+ per month. Contact Sharne 081-2464474 or Sheena 0812182256 for viewing. YellowSquare Properties. DM0202200402966

035

Regskennisgewings Legal Notices

NOTICE OF ENVIRONMENTAL IMPACT ASSESSMENT AND PUBLIC PARTICIPATION PROCESS Notice is hereby given that an application for an Environmental Clearance in accordance with the Environmental Management Act, 7 of 2007 and Regulations 19 and 21 of the EIA Regulations will be made as follows: Proponent: Galore Trading cc - EPL 8727 is located ±40 km south of Otavi, Otjozondjupa Region.- EPL 8735 is located ±10 km southeast of Arandis, Erongo Region. I.N.K Enviro Consultants CC will be undertaking the EIA process. Please contact Immanuel Katali: +26481-8035825, ikatali@ inkenviroconsult.com on or before 10 June 2022. DM0202200402968

035

Regskennisgewings Legal Notices

IN THE  Magistrate’s Court For the District of Windhoek Held at Windhoek Case No. 5335/2019 In the matter between: ROSCH (PTY) LTD, Execution Creditor and MOTION DELI CC, First Execution Debtor JOHN NAMBAMBI, Second Execution Debtor NOTICE OF SALE IN EXECUTION KINDLY TAKE NOTICE THAT the undermentioned assets, in execution of a Judgment granted on 6 August 2019 against the Defendants, will be sold in execution by the Messenger of the Court for the district of Otjiwarongo, on SATURDAY, 11JUNE 2022 at 09:00 at ERF 841, ORWETOVENI, OTJIWARONGO. GOODS: Toyota Hilux Double Cab 2.8 Automatic (Bronze Colour), 2015 Toyota Land Cruiser4.5 V8 Turbo Diesel SL TERMS: Subject to the reserve prices of Standard Bank as follows Toyota Hilux Double Cab: N$180 000.00 Toyota Land Cruiser: N$300 000.00 Voetstoots and cash to the highest bidder Dated at Windhoek on 24TH day of May 2022. ETZOLD – DUVENHAGE PER: ULRICH ETZOLD LEGAL PRACTITIONER FOR PLAINTIFF NO. 33 FELD STREET WINDHOEK JE/ROS2/0005 DM0202200402969

COUNCIL SPECIAL CONSENT NOTICE Take notice that East Con CC, the legal owner of Erf 524, situated in Gobabis Extension 8 herewith inform you that we intend to apply to the Municipality of Gobabis in terms of Clause 7 of the Gobabis Town Planning Scheme for *Council`s Special Consent to operate a Place of Instruction to be used as a Student Hostel. Erf 524, 2 Roesners Street Gobabis is currently zoned as industrial Erf in terms of the Gobabis Town Planning Scheme. Sufficient on-site parking will be provided in accordance with the Gobabis Town Planning Scheme. Further take note that this same notice is posted and will be maintained noticeably for TwentyEight (28) Days on the premises of Erf 524 Roeseners Street Gobabis and on the Public Notice Boards of the Gobabis Municipal Council (i.e. Gobabis Municipal Head Office, Technical Office and the Epako Office ).Further take note that any person objecting to the erection, proposed use of the building or proposed use of the land as set out above may lodge such objection together with the grounds there of, with the Gobabis Municipal Council and with the applicant in writing before 23 June 2022. Applicant: East Con Cc Mr. Izak de Beer Erf No 524 PO Box 921 Gobabis Tel:0814419755 E Mail; [email protected] DM0202200402978

Te huur To Let

TO LET: 2 Bedroom flat, ground floor, Suiderhof, N$8 500. 3 Bed room flat, ground floor, Suiderhof, N$9 000. 3 bedroom flat, 1st floor, Rocky Crest, N$8 500. 3 Bedroom free standing house, Khomasdal, N$9950. Contact: Terry 081-2893825. DM0202200402984

National Water a Flower Day is a day that recognizes the importance of caring for our garden plants. Just think about how dull the world would be if we did not have beautiful flowers everywhere! Most people would agree that we tend to take flowers for granted. This is because we see them whenever we look out of the window or go for a walk. However, our walks would not be anywhere near as beautiful or peaceful without nature!

No advertisements will be accepted telephonically.

HOCHLANDPARK: Two bedroom backyard flat, near Spar, open-plan kitchen, toilet. Rent N$6 800 pm, deposit N$4 000, water included, electricity prepaid. Available IMMEDIATELY. Call 081-1240344. DM0202200402963

AL-ANON Family groups offer help for friends and relatives of alcoholics. They provide assistance for people who live with alcoholics.

Help for relatives of Alcoholics

VeNue: cnr Lüderitz and Kasino Street DATe AND TiMe: Thursdays at 19H00

Mail: [email protected] [email protected] Cell: 081 256 6229

035

Regskennisgewings Legal Notices

REZONING NOTICE Take notice that DUNAMIS CONSULTING TOWN, REGIONAL PLANNERS AND DEVELOPERS on behalf of the owner of Erf 3011 Johann Albrecht Street 120 Windhoek, intends to apply to the Municipal Council of Windhoek for: * Rezoning of Erf 3011, Johann Albrecht Street No.120, Windhoek from ‘Residential’ with a density of 1:900 to ‘Office’ with a bulk of 1.0, * Consent for free residential bulk in terms of section 23(1) of the Windhoek Zoning Scheme on the office zoned Erf with a bulk of 1.0, * Consent Use for a Business Building on the office bulk of 1.0 for a showroom, * Consent Use for a Business floor area for storage purposes, and * Consent to use the existing and approved buildings on the Erf with the office bulk of 0.5 while the rezoning is being finalized. Erf 3011 Windhoek is located in Johann Albrecht Street No.120. The property is currently zoned ‘Residential’ with a density of 1:900 and measures 1063m² in extent. The new zoning of “Office” with a bulk of 1.0 as a primary use would allow the owner to obtain Consent Uses for: Free Residential Bulk, Business Building for a showroom and a Business floor area for storage on the Erf. On-site parking as required in terms of the Windhoek Zoning Scheme is provided on the Erf. Further, take note that the locality plan of the Erf can be inspected at the Windhoek Town Council Customer Care Centre Town Planning Notice Board, 80 Independence Avenue, Windhoek. Further take note that any person objecting to the proposed land use as set out above may lodge such objection together with the grounds thereof in Writing at the Windhoek Urban Planning Offices Room 518, 5th Floor, Town House Main Building within 14 days of the last publication of this notice (final date for objections is 13 June 2022). DUNAMIS CONSULTING TOWN, REGIONAL PLANNERS AND DEVELOPERS Cell: +264 855 512 173 Tel: +264 83 330 2241 Email: [email protected] DM0202200402980

ESTATE OF THE LATE DEON POSTHUMA Id No: 600215 0049 5 a Married resident of SWAKOPMUND, in the Republic of Namibia. ESTATE NO: E1377/2021 Notice is hereby given that the FIRST Liquidation and Distribution Account in the above estate will lie for inspection at the offices of the Master of the High Court Windhoek and Magistrates office of SWAKOPMUND, for a period of 21 days as from 30 MAY 2022. F M OEHL – TRUST CC P.O. Box 90290 Tel: 223680 Klein-Windhoek DM0202200402962

Market Watch Om te adverteer skakel: Kleinadvertensies t: 061-297 2055

035

Regskennisgewings Legal Notices

ESTATE OF THE LATE ROBERT POSTHUMA Id No: 660502 0079 3 a Single resident of WINDHOEK, in the Republic of Namibia. ESTATE NO: E1410/2021 Notice is hereby given that the FIRST Liquidation and Distribution Account in the above estate will lie for inspection at the offices of the Master of the High Court Windhoek, for a period of 21 days as from 30 MAY 2022. F M OEHL – TRUST CC P.O. Box 90290 Tel: 223680 Klein-Windhoek DM0202200402961

CONSENT TO OPERATE SELF-CATERING APARTMENTS ON THE REMAINING EXTENT OF ERF 116, 93A NELSON MANDELA AVENUE, KLEIN WINDHOEK Take notice that DU TOIT TOWN PLANNING CONSULTANTS, is applying on behalf of the owner of the Remainder of Erf 116, Klein Windhoek, Hillside Executive Accommodation (Pty) Ltd, in terms of the stipulations of the Urban and Regional Planning Act, 2018 (Act No. 5 of 2018), to the Windhoek City Council for: * Consent in terms of the Windhoek Town Planning Scheme to use the Remainder of Erf 116, 93A Nelson Mandela Avenue, Klein Windhoek for self-catering apartments The Remaining extent of Erf 116, No. 93A Nelson Mandela Avenue, Klein Windhoek, is 2705 m² in extent and zoned ‘general residential’ with a density of 1 per 250 m². There is an existing flat building on that was converted into self-catering apartments in 2010. The City of Windhoek granted consent for the self-catering apartments in 2011. The number of leasable apartments permitted was 32, with the maximum number of beds being 64. In 2012, the name changed to Hillside Executive Accommodation apartments, and it was recently incorporated in The Windhoek Collection. The consent from the City of Windhoek lapsed with the change of ownership and the current owners need to renew their fitness certificates. There is no intention to change anything to the existing establishment. The purpose of the application is thus to again obtain consent for the self-catering establishment. Sufficient parking is provided for on-site and is in line with the requirements of the City of Windhoek. Further take notice that the locality plan of the site lies for inspection on the Town Planning Notice Board in the Customer Care Centre, Municipal Offices, Rev. Michael Scott Street, Windhoek and at the offices of Du Toit Town Planning, 4 Dr. Kwame Nkrumah Avenue, Klein Windhoek. Any person objecting to the proposed use of land as set out above may lodge such objection together with the grounds thereof with the City Council (the Urban Planner-Town House, Fifth Floor, Room 516) and the applicant within 14 days of the last publication of this notice (final date for objections is 13June 2022). Applicant: DU TOIT TOWN PLANNING CONSULTANTS P O Box 6871 AUSSPANNPLATZ WINDHOEK Tel: 061-248010 Email: planner1@dutoitplan. com DM0202200402855

Regskennisgewings Legal Notices

REZONING NOTICE Take notice that DUNAMIS CONSULTING TOWN, REGIONAL PLANNERS AND DEVELOPERS on behalf of the owner of Erf 3011 Johann Albrecht Street 120 Windhoek, intends to apply to the Municipal Council of Windhoek for: * Rezoning of Erf 3011, Johann Albrecht Street No.120, Windhoek from ‘Residential’ with a density of 1:900 to ‘Office’ with a bulk of 1.0, * Consent for free residential bulk in terms of section 23(1) of the Windhoek Zoning Scheme on the office zoned Erf with a bulk of 1.0, * Consent Use for a Business Building on the office bulk of 1.0 for a showroom, * Consent Use for a Business floor area for storage purposes, and * Consent to use the existing and approved buildings on the Erf with the office bulk of 0.5 while the rezoning is being finalized. Erf 3011 Windhoek is located in Johann Albrecht Street No.120. The property is currently zoned ‘Residential’ with a density of 1:900 and measures 1063m² in extent. The new zoning of “Office” with a bulk of 1.0 as a primary use would allow the owner to obtain Consent Uses for: Free Residential Bulk, Business Building for a showroom and a Business floor area for storage on the Erf. On-site parking as required in terms of the Windhoek Zoning Scheme is provided on the Erf. Further, take note that the locality plan of the Erf can be inspected at the Windhoek Town Council Customer Care Centre Town Planning Notice Board, 80 Independence Avenue, Windhoek. Further take note that any person objecting to the proposed land use as set out above may lodge such objection together with the grounds thereof in Writing at the Windhoek Urban Planning Offices Room 518, 5th Floor, Town House Main Building within 14 days of the last publication of this notice (final date for objections is 13 June 2022). DUNAMIS CONSULTING TOWN, REGIONAL PLANNERS AND DEVELOPERS Cell: +264 855 512 173 Tel: +264 83 330 2241 DM0202200402878

TOWN PLANNING NOTICE I Gideon Shikesho the registered owner of Erf 728, Omulunga Extension 2, at the intersection of Shitumba Street and Duiwel Street wish to apply to the Municipal Council of Grootfontein for: * Consent to operate a place of entertainment (Lounge) on Erf 728, intersection of Shitumba Street and Duiwel Street, Omulunga Extension 2 Erf 728 is located at the intersection of Shitumba Street and Duiwel Street, Omulunga Extension 2, is currently zoned ‘Business 2’ and measuring 747 m2 in extent. In terms of Clause 5 (1) under Table B of the Grootfontein Zoning Scheme, the current zoning allows for Place of Entertainment such as a Lounge to be established with Consent from Council. The required Consent will enable me to operate a Lounge for exclusive clientele. There is currently a business building operating as a bar. The erf has sufficient space to cater for Parking as required in the Grootfontein Zoning Scheme. Please take note that the locality plan of the erf lies for inspection at the Urban Planning Office at the Grootfontein Municipality, 499 West Street, and Office No: 17. Further take note that any person objecting to the proposed Consent Use as set out above may lodge such objection with the grounds thereof with Grootfontein Municipality at the above stated division in writing within 14 days of the last publication of this notice (Final date of objection is June 2022). Cell No: +264812281692 Email: [email protected] DM0202200402879

Market Watch To advertise, call: The Classifieds t: 061-297 2055

035

Regskennisgewings Legal Notices

NOTICE I Reinhold Iyambo the registered owner of Erf 176, intersection of Hindorf and Galton Street, Grootfontein Proper wish to apply to the Municipal Council of Grootfontein for: * Consent to operate a Guesthouse on Erf 176, intersection of Hindorf and Galton Street, Grootfontein Proper Erf 176 is located at the intersection of Hindorf and Galton Street, Grootfontein Proper, is currently zoned ‘Single Residential’ and measuring 1550m² in extent. In terms of Clause 5 (1) under Table B of the Grootfontein Zoning Scheme, the current zoning allows for Guesthouse to be established with Consent from Council. The required Consent will enable me to operate a guesthouse with more than 5 leasable rooms. There is currently a main dwelling with an outbuilding. The erf has sufficient space to cater for Parking as required in the Grootfontein Zoning Scheme. Please take note that the locality plan of the erf lies for inspection at the Urban Planning Office at the Grootfontein Municipality, 499 West Street, and Office No: 17. Further take note that any person objecting to the proposed Consent Use as set out above may lodge such objection with the grounds thereof with Grootfontein Municipality at the above stated division in writing within 14 days of the last publication of this notice (Final date of objection is 13 June 2022). Cell No: +264812401742 Email: [email protected] DM0202200402880

LOSING CONTROL?

035

7

Market Watch

monday 30 May 2022

ALCOHOLICS ANONYMOUS NAMIBIA If you want to drink, that’s your business. If you want to stop, that’s ours. WINDHOEK: 081-325 6144 SwakOpmuNd: 081 243 2649 E-MAIL: [email protected]

NOTICE OF ENVIRONMENTAL IMPACT ASSESSMENT (EIA) PROCESS EIA AMENDMENT TO THE PROPOSED SHIYELA IRON PROJECT ON MINING LICENCE 176 SITUATED IN THE NAMIB NAUKLUFT NATIONAL PARK, ERONGO REGION Shiyela Iron (Pty) Ltd (Shiyela Iron) herewith gives notice in terms of the Environmental Management Act, 7 of 2007 and Regulations 19 and 21 of the EIA Regulations (January 2012), of their proposed changes to the planned Shiyela Iron Project, including mining, processing and associated infrastructure & activities on their Mining Licence (ML) 176. Prior to implementing the proposed project changes (i.e. amendments) associated with the approved activities on the ML, environmental clearance is required from the Ministry of Environment, Forestry and Tourism (MEFT). An EIA will be conducted and an application for an amendment to Shiyela Iron’s Environmental Clearance Certificate (ECC), will be submitted to the the Ministry of Mines and Energy (MME), as the competent authority and the Ministry of Environment, Forestry and Tourism (MEFT) in terms of the above mentioned Regulations. This advertisement forms part of the EIA public participation process. Applicant: Shiyela Iron (Pty) Ltd. Nature and location of the proposed activity: Shiyela Iron holds ML 176, which is located in the Namib Naukluft National Park (NNNP) in the Erongo Region, approximately 35 km east from Walvis Bay and can be reached via the C14 road. Shiyela Iron propose a number of changes to the previously assessed / approved (2011) EIA project scope, relating to the first phases of the proposed project development . Key amendments include the following: Mining and processing  One open pit (single location) is planned, compared to two separate pits in different locations on the ML, as was previously planned / assessed.  The 2011 EIA assessed the processing of the iron ore to iron ore concentrate. The Project will now aim to produce net zero CO2 emissions / green iron in the form of “hot briquetted iron” for use by steel manufacturers or foundries.  The “hot briquetted-iron” (i.e. final product) will be produced in a specialised industrial airtight furnace, where hydrogen (H2) (which will be produced on-site) will react with the Oxygen contained in the Iron Oxide (Iron ore concentrate).

Power supply  The original plan was to supply power to the Project via a new overhead transmission line. Power generation is now planned by means of renewable energy sources, only. Water supply  Water for the processing activities were planned (2011 EIA) to be sourced from groundwater and / or NamWater which would have been supplied via a new pipeline. The proposed project changes would require very limited water volumes for potable use, dust suppression and the production of hydrogen, however, this water would be recycled.

Independent Environmental Assessment Practitioner: Namisun Environmental Projects & Development (Namisun) has been appointed by Shiyela Iron as the independent Environmental Assessment Practitioner to undertake the EIA process for the proposed project amendments. Contact Person: Werner Petrick Tel: +264 (0)81 739 4591 E-mail: [email protected]

WHAT IS MULTIPLE SCLEROSIS? A chronic disease of the brain and central nervous system

Registration to receive notifications / information and opportunity to comment: To register as an interested and / or affected party for the proposed project amendments, please submit your name and contact details to Namisun by e-mail, or by contacting Werner Petrick. A Background Information Document (BID) is available for a review and comment period from 30 May to 15 June 2022. Electronic copies of the BID are available on request from Namisun as per above details. Focus Group meetings are planned within the comments and registration period. Should you like to be invited to one of the Focus Group meetings, please contact Namisun.

Office hOurs: Monday - friday: 09h00 - 17h00

If you would like your comments to be addressed in the EIA report please submit them to Namisun by no later than 15 June 2022.

[email protected]

8

Market Watch

MONDAY 30 MAY 2022

AGM

2022

2022 Annual General Meeting NOTICE Notice is hereby given to all BANKMED NAMIBIA MEMBERS that the ANNUAL GENERAL MEETING will be held:

Date: Time: Venue:

29 June 2022 15h00 – 17h00 Microsoft Teams

Download the Group and Individual proxy forms from the Bankmed website www.bankmednamibia.com.na. The completed form should be forwarded / submitted ELECTRONICALLY to your HR department or to Methealth Namibia Administrators at flo@methealth. com.na no later than Monday, 27 June 2022 at 16h00. For any further information, please contact Martha Angula 061 287 6000