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MTC has appealed to the government to lift the moratorium placed on 5G technology in the country.

Stationery retailer, PNA has announced the expansion of its operation into Namibia, with two flagship stores scheduled to open this month.

With about 200 people counting down to Banco BAI’s share debut, Angola’s stock exchange finally got off the ground. 

BAI, the southwest African nation’s biggest lender, had 20 buy orders at 21 650 kwanzas (R760) on the bourse known as Bolsa de Divida e Valores de Angola, or Bodiva, 5% more than the the initial public offering price. But there were no sellers. 

"Today we have reached a new historic milestone," bourse Chief Executive Officer Walter Pacheco said at the ceremony at the newly built InterContinental hotel. "We come together today to witness the start of a new era for the financial system and the capital markets."

After more than a decade of delays, the start of trading may help bolster Angolan President Joao Lourenco’s image as a reformer ahead of a general election scheduled for August 24. It could also help spur as many as 20 IPOs in the coming years that aim to attract foreign investment and diversify the nation’s economy away from oil, Pacheco said in an interview late on Wednesday. 

At least two other listings are expected to take place this year - lenders Banco Caixa Geral Angola SA and Banco Millennium Atlantico - before the larger state-owned oil firm Sonangol and Endiama carry out their IPOs, said Pacheco. 

"Hopefully, by 2025, these companies will be in a position to list their shares," said Pacheco, referring to Sonangol and Endiama. 

There is also a growing interest from closely held companies in a range of sectors to go public, said Pacheco. Angola, Africa’s second-biggest crude producer, has more than 300 companies that have their accounts audited every year, some of which are looking into the benefits of funding their operations through the stock market, he said.

In five to 10 years, Pacheco sees as many as 20 companies trading on the Luanda stock exchange. 

“At first, the stock market will be dominated by financial companies and oil companies, but then we will see a wave of other companies,” said Pacheco. “We won’t be able to compete with Nigeria and South Africa in the next five years, but we are going to be bigger than most stock exchanges on the continent.”

BAI may also offer to sell an additional 10% shares at a later date, bank’s Chief Executive Officer Luis Lelis said at the sidelines of the event.-fin24

 

The Government Institutions Pension Fund (GIPF) says 309 of its members are still to claim their benefit after exiting the fund.

MTC has launched MTCtv+, a premium on-demand music, lifestyle, sports fashion, education and entertainment streaming content platform.

Brand Africa, in partnership with TBWA Paragon, has recognised Bank Windhoek as the Most Admired Namibian Financial Services Brand. 

AfriTin Mining believes that its Uis mine could host one of the largest lithium resources globally.

Namibia’s tourism industry could be negatively affected by the listing of the country as a “high-risk” destination by America's Centers for Disease Control and Prevention (CDC).

President Hage Geingob says Namibia’s education system should be transformed with a bias towards a more sustainable and inclusive industrialisation drive.

Wia Gold (WIA) has confirmed a gold discovery after results from its first three diamond holes of a 12-hole drilling program at the Kokoseb area in Namibia showed high-grade intercepts.

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