Connect with us
Advertisement

No crisis at BotswanaPost – Board

Pele Moleta’s abrupt resignation from Botswana Post will not leave the postal services provider in crisis, the board of the organisation has confidently declared.


Polokoetsile Pedro Motau, the board chairman of BotswanaPost said “Botswana Post is well on its way to self sustenance, greater efficiency in our service delivery methods, leveraging on our strengths, partnerships, national footprint, and infrastructure to attain the highest order of business optimisation.  


‘Postman’, as Moleta came to be known widely, is synonymous with the transformation of what was a loss making postal services provider to a techno savvy organisation that has embraced the evolution of mail delivery service to more innovative business models that have taken service delivery to a higher level, such as being a super vendor of prepaid electricity and the Posopay portal.  


At a briefing for media practitioners on Monday this week, Motau gave assurances that the Post is not in crisis, saying that after 6 years at the helm of the organisation, Moleta is leaving for reasons of personal professional development. He added that Moleta had indicated even at the beginning of his term that he need five years to bring in the substantive changes that would bring a much needed turnaround of fortunes, for the once ailing postal services entity.

Meanwhile, the chief financial officer of Botswana Post has also tendered a resignation to the organisation, a development that the board chairman says is isolated from the departure of Moleta.

Motau said that the Icon of Excellence, a strategy adopted by the organisation will continue up to 2016, when its term elapses. He said that even as Botswana Post follows the strategy, it will be mindful of changes in the business environment and adapt accordingly.

Though financial results for the 2014 year of trading are not yet available, he is confident that Botswana Post will reach what it has termed the Big Hairy Audacious Goal of reaching P500 million revenue, with a 60 percent cash cost to income ratio, by March 2016.

Moleta, who unconfirmed reports say has been headhunted by Barclays Bank of Botswana to understudy the current chief executive officer in their bid to localise the top post at the bank next year will serve a mandatory three months notice period unless “an amicable agreement can be reached”.

The board is confident of finding a suitable replacement within the organisation and will announce its decision in due course.
 
The financial year end of 31 March 2012 marked the first year of the strategy where postal services provider had set itself some very stringent targets in the year and much was achieved in terms of putting the necessary building blocks in place. However, due particularly to funding challenges and consequent delays in implementing some key projects and initiatives, aimed at driving performance towards its targets were slower than anticipated.

However, the organisation is saddled with the task of being a service provider at national level, precisely mail delivery, which is not always cost beneficial. The services to Government also are exerting pressure on the financial position of the postal services, “Government is a customer, a regulator and also the sole shareholder,” said Moleta, confirming that he has indeed, caused some challenges.

Motau said that the regulator, Botswana Communications Regulations Authority (BOCRA), has been charged with the responsibility of setting up a universal services fund that will mitigate the incidences of late payments from Government.

Continue Reading

Business

Matsheka seeks raise bond program ceiling to P30 billion

14th September 2020
Dr Matsheka

This week Minister of Finance & Economic Development, Dr Thapelo Matsheka approached parliament seeking lawmakers approval of Government’s intention to increase bond program ceiling from the current P15 Billion to P30 billion.

“I stand to request this honorable house to authorize increase in bond issuance program from the current P15 billion to P30 billion,” Dr Matsheka said. He explained that due to the halt in economic growth occasioned by COVID-19 pandemic government had to revisit options for funding the national budget, particularly for the second half of the National Development Plan (NDP) 11.

This content is locked

Login To Unlock The Content!

Continue Reading

Business

Lucara sits clutching onto its gigantic stones with bear claws in a dark pit

14th September 2020
Lesedi La Rona

Botswana Stock Exchange (BSE) has this week revealed a gloomy picture of diamond mining newcomer, Lucara, with its stock devaluated and its entire business affected by the COVID-19 pandemic.

A BSE survey for a period between 1st January to 31st August 2020 — recording the second half of the year, the third quarter of the year and five months of coronavirus in Botswana — shows that the Domestic Company Index (DCI) depreciated by 5.9 percent.

This content is locked

Login To Unlock The Content!

Continue Reading

Business

Botswana Diamonds issues 50 000 000 shares to raise capital

14th September 2020
Diamonds

Botswana Diamond PLC, a diamond exploration company trading on both London Stock Exchange Alternative Investment Market (AIM) and Botswana Stock Exchange (BSE) on Monday unlocked value from its shares to raise capital for its ongoing exploration works in Botswana and South Africa.

A statement from the company this week reveals that the placing was with existing and new investors to raise £300,000 via the issue of 50,000,000 new ordinary shares at a placing price of 0.6p per Placing Share.

Each Placing Share, according to Botswana Diamond Executives has one warrant attached with the right to subscribe for one new ordinary share at 0.6p per new ordinary share for a period of two years from, 7th September 2020, being the date of the Placing Warrants issue.

In a statement Chairman of Botswana Diamonds, John Teeling explained that the funds raised will be used to fund ongoing exploration activities during the current year in Botswana and South Africa, and to provide additional working capital for the Company.

The company is currently drilling kimberlite M8 on the Marsfontein licence in South Africa and has generated further kimberlite targets which will be drilled on the adjacent Thorny River concession.

In Botswana, the funds will be focused on commercializing the KX36 project following the recent acquisition of Sekaka Diamonds from Petra Diamonds. This will include finalizing a work programme to upgrade the grades and diamond value of the kimberlite pipe as well as investigating innovative mining options.

Drilling is planned for the adjacent Sunland Minerals property and following further assessment of the comprehensive Sekaka database more drilling targets are likely. “This is a very active and exciting time for Botswana Diamonds. We are drilling the very promising M8 kimberlite at Marsfontein and further drilling is likely on targets identified on the adjacent Thorny River ground,” he said.

The company Board Chair further noted, “We have a number of active projects. The recently acquired KX36 diamond resource in the Kalahari offers great potential. While awaiting final approvals from the Botswana authorities some of the funds raised will be used to detail the works we will do to refine grade, size distribution and value per carat.”

In addition BOD said the Placing Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 23 September 2020.

Last month Botswana Diamond announced that it has entered into agreement with global miner Petra Diamonds to acquire the latter’s exploration assets in Botswana. Key to these assets, housed under Sekaka Diamonds, 100 % subsidiary of Petra is the KX36 Diamond discovery, a high grade ore Kimberlite pipe located in the CKGR, considered Botswana’s next diamond glory after the magnificent Orapa and prolific Jwaneng Mines.

The acquisition entailed two adjacent Prospecting Licences and a diamond processing plant. Sekaka has been Petra’s exploration vehicle in Botswana for year and holds three Prospecting Licenses in the Central Kalahari Game Reserve (Kalahari) PL169/2019, PL058/2007 and PL224/2007, which includes the high grade KX36 kimberlite pipe.

Continue Reading
Do NOT follow this link or you will be banned from the site!