Limkokwing University Receives Gold Award
Limkokwing University of Creative Technology scooped the Readers Digest Trusted Brand Gold Award for the best private university in country beating over 20 universities at a glittering ceremony held at the Mandarin Oriental Hotel.
Readers Digest Trusted Brand Awards now in their 19th year, are conducted annually, with winners voted entirely by Malaysian consumers, providing a genuine market endorsement for topping the polls. Over eight thousand consumers across five market areas in Asia being Malaysia, Singapore, Hong Kong, Taiwan and Philippines were surveyed. Consumers were asked to rate the brands they nominated in a six qualitative criteria comprising of Quality, Value, Innovation, Social Responsibility, Trustworthiness & Credibility and Understanding of Customer Needs.
Winning brands in Malaysia are a mix of local and international names such as Samsung, Bank Islam, Limkokwing University, Blackmores, Top & Spritzer. The Gold Trusted Brands Awards were given to products and services that led the polls in their fields, while Platinum Trusted Brands Awards recognise brands that vastly outpolled their competition.
Receiving the most converted award at the ceremony Nermina Serhatic, from the Founder President of Limkokwing’s office highlighted that the University was humbled to be receiving this award for the third time in a row, which was testament that the University strives to be a centre for excellence in all aspects, hence the consumers prestigious recognition.
Tan Sri Limkokwing and the University that bears his name changed the face of private education through creative approaches that fuse industry experience with academic learning. Thousands of young people from around the world have gained a global tertiary education by virtue of the University’s pioneering and innovative education philosophy which is creativity oriented.
More the 30,000 students study at Limkokwing University’s 12 campuses in Asia, Africa and Europe. Its main campus in KL’s tech-city, Cyberjaya alone holds close to 10,000 students, 80 percent of them from foreign countries and is the nation’s ground breaking University with unrivalled emphasis upon innovation and creativity. The University has changed the tertiary education landscape not only in Malaysia but in every country the University has established itself.
Its inspirational ecosystems and global strategic outlook produces 21st century graduates who are leading social and economic transformational across the globe. The University has played a pivotal role in globalizing Malaysian education and the Prime Minister of Malaysia, Dato Sri Dr Mohd Najib Tun Razak, has designated the University as The Global University of Malaysia.
Tan Sri Limkokwing is credited with spearheading the process of reforming many of the world’s Technical and Vocational Education and Training (TVET) sector, a vital sub sector of many a country’s education system. His pioneering endeavours in building a strong TVET workforce with high-tech, skill-based training has created generations of young entrepreneurs who are contributing to transforming their nations.
His contributions has been recognised and he has been awarded: Global TVET Leadership for Economic Transformation by the United Kingdom’s globally recognised authority on accreditation of higher education institutions worldwide, ASIC and IVETA (International Vocational Education & Training Association, UK) – TVET UK’s International President – Limkokwing University was declared ‘Global TVET Model University.
In 2016 AISC (Accreditation Service For International Colleges) the United Kingdom based globally recognized authority on accreditation of higher education institutions worldwide, has designated Limkokwing University as the Global T.V.E.T. (Tertiary Vocational Education Training) Model University and awarded the President/Founder of the University, Tan Sri Dato’ Sri Panduka Dr. Limkokwing, Transformational Leadership in Global T.V.E.T. Education.
The University is also recognised as Malaysia’s University of Edu-Tourism in recognition of its achievement attracting youths to the country. QS Apple (Asia Pacific Professional Leaders in Education) designated the University as the University of the Future, the Ministry of Higher Education awarded the accolade University of Innovation and the Malaysian government recognizes Limkokwing University and the University of Transformation. In addition, the University has won more than 200 awards for creativity and innovation in education from the United States of America, the United Kingdom, Europe, Asia and Africa over the last few years.
The University’s award winning website attracts 300 million ‘hits’ a year from 229 countries and territories and the University is now among the Top Ten of the world’s most popular universities on Facebook and Twitter(3rd).
ASIC recognizes the University’s successful systematic delivery of industry-relevant programmes across the globe as well as its Founder and President’s pioneering efforts in education.
Readers Digest is one of the best loved global magazines. Since its inception in 1922, the magazine has continued to grow and expand. Each month it is published in multiple languages around the world, with a global readership of over 40million people.
Business
LLR transforms from Company to Group reporting
Botswana Stock Exchange listed diversified real estate company, Letlole La Rona Limited (“LLR” or “the Company” or “the Group”), posted its first set of group financial statements which comprise the Company and Group consolidated accounts, which show strong financial performance for the six months ended 31 December 2023, with improvements across all key metrics.
The Company commenced the financial year with the appointment of a Deputy Chairperson, Mr Mooketsi Maphane, in order to bolster its governance and enhance leadership continuity through the development of a Board and Executive Management Succession Plan.
At operational level, LLR increased its shareholding in Railpark Mall from 32.79% to 57.79% and proudly took over the management of this prime asset.
The CEO of LLR, Ms Kamogelo Mowaneng commented “During the period under review, our portfolio continued to perform strongly, with improvements across all key metrics as a result of our ongoing focus on portfolio growth and optimisation.
“We are pleased to report a successful first half of the 2024 financial year, where we managed to not only grow the portfolio through strategic acquisitions and value accretive refurbishments but also recycled capital through the disposal of Moedi House as well as the ongoing sale of section titles at Red Square Apartments. The acquisition of an additional 25% stake in JTTM Properties significantly uplifted the value of our investment portfolio to P2.0 billion at a Group level. Our investment portfolio was further differentiated by the quality of our tenant base, as demonstrated by above market occupancy levels of 99.15% and strong collections of above 100% for the period”.
The growth in contractual revenue of 9% from the prior year’s P48.0 million to the current year P52.2 million, increased income from Railpark Mall, coupled with high collection rates, has enabled the company to declare a distribution of 9.11 thebe per linked unit, which is in line with the prior year.
In line with its strategic pillars of ‘Streamlined and Expanded Botswana Portfolio’ as well as ‘Quality African Assets’, the Group continuously monitors the performance of its investments to ensure that they meet the targeted returns.
“The Group continues to explore yield accretive opportunities for balance sheet growth and funding options that can be deployed to finance that growth” further commented the CEO of LLR Ms Kamogelo Mowaneng.
Ms Mowaneng further thanked the Group’s stakeholders for their continued support and stated that they look forward to unlocking further value in the Group.
Business
Botswana’s Electricity Generation Dips 26.4%
The Botswana Power Corporation (BPC) has reported a significant decrease in electricity generation for the fourth quarter of 2023, with output plummeting by 26.4%. This decline is primarily attributed to operational difficulties at the Morupule B power plant, as per the latest Botswana Index of Electricity Generation (IEG) released recently.
Local electricity production saw a drastic reduction, falling from 889,535 MWH in the third quarter of 2023 to 654,312 MWH in the period under review. This substantial decrease is largely due to the operational challenges at the Morupule B power plant. Consequently, the need for imported electricity surged by 35.6% (136,243 MWH) from 382,426 MWH in the third quarter to 518,669 MWH in the fourth quarter. This increase was necessitated by the need to compensate for the shortfall in locally generated electricity.
Zambia Electricity Supply Corporation Limited (ZESCO) was the principal supplier of imported electricity, accounting for 43.1% of total electricity imports during the fourth quarter of 2023. Eskom followed with 21.8%, while the remaining 12.1, 10.3, 8.6, and 4.2% were sourced from Electricidade de Mozambique (EDM), Southern African Power Pool (SAPP), Nampower, and Cross-border electricity markets, respectively. Cross-border electricity markets involve the supply of electricity to towns and villages along the border from neighboring countries such as Namibia and Zambia.
Distributed electricity exhibited a decrease of 7.8% (98,980 MWH), dropping from 1,271,961 MWH in the third quarter of 2023 to 1,172,981 MWH in the review quarter.
Electricity generated locally contributed 55.8% to the electricity distributed during the fourth quarter of 2023, a decrease from the 74.5% contribution in the same quarter of the previous year. This signifies a decrease of 18.7 percentage points. The quarter-on-quarter comparison shows that the contribution of locally generated electricity to the distributed electricity fell by 14.2 percentage points, from 69.9% in the third quarter of 2023 to 55.8% in the fourth quarter. The Morupule A and B power stations accounted for 90.4% of the electricity generated during the fourth quarter of 2023, while Matshelagabedi and Orapa emergency power plants contributed the remaining 5.9 and 3.7% respectively.
The year-on-year analysis reveals some improvement in local electricity generation. The year-on-year perspective shows that the amount of distributed electricity increased by 8.2% (88,781 MWH), from 1,084,200 MWH in the fourth quarter of 2022 to 1,172,981 MWH in the current quarter. The trend of the Index of Electricity Generation from the first quarter of 2013 to the fourth quarter of 2023 indicates an improvement in local electricity generation, despite fluctuations.
The year-on-year analysis also reveals a downward trend in the physical volume of imported electricity. The trend in the physical volume of imported electricity from the first quarter of 2013 to the fourth quarter of 2023 shows a downward trend, indicating the country’s continued effort to generate adequate electricity to meet domestic demand, has led to the decreased reliance on electricity imports.
In response to the need to increase local generation and reduce power imports, the government has initiated a new National Energy Policy. This policy is aimed at guiding the management and development of Botswana’s energy sector and encouraging investment in new and renewable energy. In the policy document, Minister of Mineral Resources, Green Technology and Energy Security Lefoko Moagi stated that the policy aims to transform Botswana from being a net energy importer to a self-sufficient nation with surplus energy for export into the region. Moagi expressed confidence that Botswana has the potential to achieve self-sufficiency in electric power supply, given the country’s readily available energy resources such as coal and renewable sources.
Business
MMG acquires Khoemacau in a transaction valued at P23Bn
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.