NAFTEC Investment (Pty) Ltd which is trading as National Agro Processing (NAPRO) plant in Selebi Phikwe is the latest government company to be added to the list of entities to be disposed through privatisation.
At the recent full council meeting, the Mayor of Selebi Phikwe, Molosiwa Molosiwa reported that Government has taken the decision to privatise NAPRO and that a task team made up of SPEDU, Department of Agribusiness Promotion and National Food Technology Research Centre (NFTRC) has started the preliminary work on investor identification in August.
Authorities at NAPRO confirmed that while this is true, the information is not yet in the public domain and expressed shock as to how has the mayor came across and made public classified information. NAPRO Operations Manager, Ramogoma Kaisara says that even employees of NAPRO have not yet been briefed on the envisaged privatisation. He says that the task team has not resumed work as reported by the mayor as they have not been given the terms of reference to do so.
Kaisara further indicated that the team does not have a methodology as yet to identify a suitable investor, whether through an expression of interest or other forms of investor identification. The Operations Manager noted that as NAPRO, they are constrained to comment further as information on their privatisation is not yet public.
The horticultural produce processing plant, a first of its kind in the country was commissioned in May last year to stimulate the agricultural sector in the region by producing food stuff such as tomato sauce, pickled onions, pickled beetroot and dried vegetables and archer among others. Less than two years in operation, the company which is a spin-off of the National Food Technology Research Centre (NFTRC) has now been earmarked for privatisation.
NFTRC is in the dark about the privatisation of NAPRO. The Public Relations Manager at NFTRC, Thatayaone Kepaletswe says that when NAPRO was established, it was planned that going forward it would need to find an investor in order to turn it into a fully-fledged commercial business and as far as they are concerned, that still stands. Kepaletswe explained that she know of the task team aforementioned as the task team that was appointed to facilitate the setting up of NAPRO but not its privatisation.
NAFTEC Investment (Pty) Ltd which trade as NAPRO is an investment arm of the National Food Technology and Research Centre. Kepaletswe explained that because NFTRC cannot engage in commercial business, it came up NAFTEC Investment as its investment company of the research centre to cash in on its spin-offs. She explained that, NAPRO however is a stand-alone business with its own management are as NFTRC, are not always privy to boardroom decisions of the company.
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.
The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.
In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.
Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.
China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.
Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.
On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.
According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.
The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.
Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.
According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.
The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.
Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.
Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana. The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.