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Namibia has been urged to prioritise solar and wind energy as the primary sources of power due to their cost-effectiveness and resilience in the face of climate change.

Oryx Properties has raised N$312.7 million from its recent rights issue, representing an 82.4% subscription rate.

The property firm's initial goal was to raise N$379.6 million, which would have been a 60% top-up to be used towards the N$632.7 million purchase price of the Dunes Mall in Walvis Bay.

"Given the current market conditions, a mixture of institutional and retail investors in the unitholder base, and the ambitious size of the capital raise, Oryx management is excited by the positive response with an 82.4% take-up of the allocated Rights Issue Units. This clearly demonstrates the commitment and buy-in from shareholders to the company's strategy," the Namibian Stock Exchange-listed company said. 

Oryx will utilize a portion of a new RMB facility amounting to N$500 million to cover the mall purchase price while also repaying an existing N$100-million loan facility with the investment bank and a N$75-million Nedbank loan, both of which mature in August 2023. 

The acquisition of Dunes Mall comes after the Namibian Competition Commission (NaCC) granted unconditional approval for Oryx Properties to proceed with the purchase. 

The acquisition aims to achieve geographic diversification and reduce reliance on its largest asset, Maerua Mall. 

Dunes Mall is one of the biggest malls in Namibia.

Oryx is a listed property investment fund with a N$3 billion property portfolio and exposure to different real estate industry segments and as part of its Strategy 2025, the company aims to grow the property portfolio to N$4.5 billion geographically within Namibia.

The Government Institutions Pension Fund (GIPF) says the current building requirements by local authorities are making the delivery of low-cost housing in Namibia challenging.

Namibia Desert Diamonds (Namdia) says it aims to polish diamonds, as it intends to move along the value chain as part of its strategic business plan within the next five years.

The Minister of Agriculture, Water and Land Reform of Namibia, Calle Schlettwein, says the adverse effects of drought on nature and farming are manageable.

Medical Healthcare funds in the country are buckling under the pressure of increased cost of healthcare with five out of the eight registered funds currently operational, it has been revealed.

Finance and Public Enterprises Minister Ipumbu Shimi will be conducting mid-term budget review consultations in various regions across the country from 25 July to 12 August 2023, the Ministry has announced. 

Wia Gold says it is hoping to raise N$130 million (A$11 million) through a three-for-five entitlement offer to accelerate resource growth drilling at its Kokoseb gold project in Namibia. 

The Government and Hyphen Hydrogen Energy on Monday launched the socioeconomic development (SED) framework for Namibia's landmark US$10-billion green hydrogen project.

The Minister of Urban and Rural Development, Erastus Uutoni, has handed over 108 houses under the Government-funded Mass Housing Development Programme in Swakopmund.

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