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Puma Energy Group sells 20% stake to BPOPF

Puma Energy, the global mid and downstream energy company, and Botswana Public Officers’ Pension Fund (BPOPF), have announced the sale of ordinary shares in Puma Energy Botswana to the Botswana Public Officers’ Pension Fund (BPOPF), introducing more Batswana into the ownership structure of Puma Energy Botswana.

The share sale equates to 20% of Puma Energy Botswana’s total ordinary shares in circulation. The BPOPF thus becomes part of the Puma Energy shareholding structure, which will contribute to securing the long-term development and stability of the Botswana economy and Puma Energy’s Botswana business.

Christophe Zyde, Chief Operating Officer of Puma Energy in Africa said: “The introduction of the BPOPF reinforces our commitment to Botswana. Puma Energy will remain focused on investing in Botswana and will continue to grow the business to create value for all stakeholders.”

Mahube Mpugwa, General Manager of Puma Energy Botswana commented: “The introduction of the BPOPF to our shareholding deepens an important strategic relationship between Puma Energy Botswana and Batswana, allowing us to achieve our local shareholder ownership objectives. Further to this agreement Puma Energy Botswana also supports the government’s initiative for developing the youth and reducing youth unemployment. Our comprehensive training and skills development programme is a meaningful foundation for their continued professional evolution.”

Commenting on the transaction, the Chief Executive Officer/ Principal Officer of BPOPF, Boitumelo Molefe said: “For the BPOPF an acquisition of 20% of Puma Energy Botswana’s equity is a worthwhile initiative that sees us achieve our objective of investing locally for the benefit of our members. This investment further represents our support for international companies that offer Batswana sustainable opportunities as well as help diversify the local economy. We look forward to a mutually beneficial partnership.”

The BPOPF Board Chairman, Mr Carter Morupisi commented, “The BPOPF is entrusted to safe guard the investment of many stakeholders from all walks of life. We believe that our stakeholders will view and support Puma Energy Botswana with great pride in the knowledge that they now benefit from such a significant business. Puma Energy Botswana has proved time and again that it is an important partner to Government in initiatives such as development, diversification and employment creation for the youth. It is worth noting that through this partnership, Batswana will have a sense of ownership of a young vibrant retail brand.”

Puma Energy Botswana and Botswana Public Officers Pension Fund are grateful to Rand Merchant Bank (RMB) for their professional advice throughout the negotiations up to the signing of the deal.

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
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.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

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.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

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.

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