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Bakang Seretse loses case to reclaim assets

The Court of Appeal (CoA) yesterday (Friday) dismissed with costs an application in which Bakang Seretse wanted to repossess his properties. Bakang through his attorney Kgosietsile Ngakagae had earlier this month approached the CoA on an urgent application after Judge Omphemetse Motumise granted Director of Public Prosecution (DPP) an application to restrain his properties.

This comes after the Directorate on Corruption and Economic Crime (DCEC) raided Bakang Seretse’s house last month and seized some of his properties. Amongst the restrained properties was Bakang’s Maserati car, Mercedes Benz, furniture, his plots in Extension 11 and in Lobatse, a Lexus , Toyota RAV4, Ford Ranger, Volvo, Land cruiser, Ford Fiesta, Rolex Date watch, gym equipment, Farm and Garden equipment, lawn mower equipment, VW Polo and his Subaru station wagonreg.

When delivering the judgement this week on the matter, Justice Monametsi Gaongalelwe stated that “it would defeat the purpose of law (PICA) if considerations of inconvenience, suffering from hardship and or being exposed to indignity no matter how grave, were to be considered as determining factors.” He further stated that the applicant’s basis of the view was coupled with failure to demonstrate urgency, stressing that his judgement was based on the fact that the order is interlocutory therefore the application cannot succeed.

In their head of arguments, the applicant’s attorney, Kgosietsile Ngakagae, argued that the thrust of their submission advanced in support of urgency was laid “on inconvenience and hardship suffered by the applicant as a result of dispossession.” Ngakagae argued that his client amongst his plots had nowhere to live since he was evicted from his house in Extension 11, he emphasised that it is common cause that his client had another property in Ginger (Gaborone) and he could not live because he has it rented out to one Gorata Ratau.

On the other hand, Attorney Ernest Mosate on behalf of the State argued that it is a well-established principle of common law that only a final order which is definitive of the parties’ rights is appealable as of right. He further contended that “in this case it was with common cause the applicant filed a notice on grounds of appeal without having sought and obtained leave to appeal.” He also accentuated that it is clear from the provisions of PICA that their implementation involves deprivation of the use and enjoyment of property.

They said such implementation would result in inconvenience, hardship and grave indignity. “In other words inconvenience, hardship and grave indignity are some inevitable components of the act. The legislature included such provisions fully aware that their implementation would cause inconvenience, hardship and indignity,” they argued. The prosecutor’s also articulated that the applicant saying they are without accommodation does not give any valid reason on why they cannot get a rented accommodation either in Gaborone or at any of the places on the periphery of the city.

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MMG acquires Khoemacau in a transaction valued at P23Bn

9th April 2024

MMG Limited, the Hong Kong-based mining company specializing in base metals, has successfully concluded the acquisition of Khoemacau Copper Mine, a state-of-the-art, world-class copper asset nestled in the northwest of Botswana.

On Monday, MMG announced that the acquisition of Khoemacau Mine in Botswana was finalized on 22nd March 2024. “This acquisition enriches the company’s portfolio with a top-tier, transformative growth project and signifies a monumental milestone in the Company’s journey,” MMG communicated in an official statement published on the Hong Kong Stock Exchange.

Upon completion of the acquisition, MMG remitted to the Sellers an Aggregate Consideration of approximately US$1,734,657,000 (over P23 billion), a sum subject to potential adjustments post-Completion.

In addition to the Aggregate Consideration, MMG, in accordance with the Agreement, advanced an aggregate amount of approximately US$348,580,000 (over P4.5 billion) as the Aggregate Debt Settlement Amount, to settle certain debt balances of the Target Group (Cuprous Capital/Khoemacau).

On November 21, 2023, Khoemacau announced that the shareholders of its parent company [Cuprous Capital] had agreed to sell 100% of their interests to MMG Limited.

MMG is a global resources company that mines, explores, and develops copper and other base metals projects on four continents. The company is headquartered in Melbourne, Australia, and has a significant shareholder, China Minmetals Corporation, which is China’s largest metals and minerals group owned by the Government of the People’s Republic of China.

On December 22, 2023, Khoemacau Copper Mining (Pty) Ltd received the approval from the Minister of Minerals and Energy of Botswana regarding the transfer of a controlling interest in the Project Licenses and Prospecting Licenses associated with the Khoemacau Copper Mine, a result of the Acquisition.

 

The Botswana Competition & Consumer Authority (CCA) on January 29, 2024, notified the market that it had given its approval for the takeover of Khoemacau Copper Mining by MMG Limited.

On January 29, 2024, the CCA issued a merger decision to the market, stating that after conducting all necessary assessments, it was ready to proceed.

The Competition Authority affirmed that the structure of the relevant market would not significantly change upon implementation of the proposed merger as the proposed transaction is not likely to result in a substantial lessening of competition, nor endanger the continuity of service in the market of mining of copper and silver ores and the production, and sale or supply of copper concentrate in Botswana.

Furthermore, the CCA stated that the proposed merger would not have any negative impact on public interest matters in Botswana as per the provisions of section 52(2) of the Competition Act 2018.

Earlier this month, Minister of Minerals & Energy, Lefoko Maxwell Moagi, informed parliament that his Ministry was endorsing the Khoemacau acquisition by MMG Limited. He noted that not only was the company acquiring the existing operation but also committing to an expansion program that would cost over $700 million to double production, create more jobs for Batswana, and increase taxes and royalties paid to the Government.

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Bullish CA Sales saw revenue rise to R11.3 billion in 2023

9th April 2024

Despite the global economic landscape being fraught with challenges, CA Sales Holdings Limited (CA&S), a powerhouse distributor of fast-moving consumer goods across Africa, remains steadfast in its bullish sentiment. This Botswana and Johannesburg Stock Exchange-listed company, with its extensive operations spanning Botswana, South Africa, Eswatini, Namibia, Lesotho, Mauritius, Zambia, and Zimbabwe, is primed to deliver exceptional financial performance in 2024.

The company’s portfolio of services is diverse and comprehensive, encompassing everything from warehousing and distribution to retail execution, advisory, retail support, training, technology, and data solutions. It’s a one-stop-shop for all things retail, providing a seamless and efficient service to its vast clientele.

The recent financial results released by the local bourse have painted a picture of a thriving company. CA&S has seen a substantial increase in revenues, rising from R9.48 billion in 2022 to a robust R11.3 billion in 2023. The company’s profits have also seen a significant uptick, growing from R1.42 billion to R1.72 billion within the same period. The company attributes these impressive results to the successful implementation and execution of its growth strategy. “Revenue growth was driven by organic growth, acquisitions, expansion into new regions as well as the on-boarding of new clients to the group’s portfolio. As a result, gross profit increased by 21.1% to R1.72 billion (2022: R1.42 billion). The positive top line growth together with the gain on bargain purchase, contributed to the increase of 40.7% in operating profit for the group to R747.31 million (2022: R531.07 million)”

The financial health of the company is further evidenced by the increase in total assets, which have risen by 26.0% to R5.2 billion. This growth is attributed to the increase in fixed and intangible assets, bolstered by business combinations and increased working capital due to the surge in revenue. The company’s strong cash flow generation from operations has also contributed to a healthy increase in cash resources from R735.8 million to R1 062.0 million at the end of December 2023.

As part of its expansion strategy, CA&S has made significant acquisitions. The company has acquired 100% of the share capital of T&C Properties Namibia (Pty) Ltd and Taeuber and Corssen (Pty) Ltd, collectively known as the T&C Group, for R65.0 million. The T&C Group is a Namibian-based distribution and retail execution business. This acquisition has broadened the group’s footprint in Namibia. In addition, CA&S has acquired all the operations of MarketMax (Pty) Ltd, a sales and merchandising business, for R11.5 million. “Contracts acquired are with clients who retail their brands in the pharmaceutical channel. This acquisition is in line with the group’s channel broadening strategy.” The company has also increased its shareholding in Smithshine Enterprises (Pty) Ltd to 100%, in exchange for CA&S shares, to the value of R3.8 million.

The company has expressed its intention to continue its expansion of services for new and existing clients and to continue offering bespoke solutions to brand owners across the region. “A focus will be on channel broadening across existing businesses within existing geographies. Where feasible, the group will also grow its client and customer networks and make value-adding acquisitions.”

CA&S appears to be ready to deliver another strong financial performance, despite the challenging global economic landscape. The company’s management believes that CA&S remains steadfast in its resilience and strategic positioning. They emphasize that with a robust balance sheet, a widespread geographical footprint across Africa, as well as a portfolio marked by diversification, CA&S is well-positioned to deliver favorable results in 2024. “CA&S’ growth strategy of expanding its services to existing and new clients, channel broadening, expansion into new geographies, coupled with value adding acquisitions, will help ensure the group remains firmly on course to attain its growth aspirations.”

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BDF SERVICE MEMBER DIES IN MOZAMBIQUE

27th March 2024

The Botswana Defence Force (BDF) says one of its service members deployed in Cabo – Delgado Province in the Republic of Mozambique due to a short illness.

The member passed away on this morning.

The deceased Non-Commissioned Officer (NCO) was deployed as part of the BDF’s Contingent 5 under SAMIM Forces in the Cabo Delgado Province for peace support operations in the Republic of Mozambique.

The next of kin have been informed.

 

 

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