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Tough times force PrimeTime to reduce rentals

The Botswana Stock Exchange listed company, PrimeTime Group has been forced to revise, downwards, its rentals due to the tough economic challenges prevailing in the Sub-Saharan region.  PrimeTime operates business and retail properties in Botswana, Mauritius and Zambia.

In its annual report for 2019 released this week, PrimeTime said the current property rates were a reflection of the touch economic conditions.  “In some of our other properties we have had to rebase rentals down to current market rates as a reflection of the tough economic conditions that are prevailing in Sub-Saharan Africa,” the company said.

“While reducing rentals can be unpalatable, we strive to ensure a reciprocal upside for PrimeTime when agreed to; such as a new long lease on renewal, which in turn protects and enhances our property values. The increase in operating expenses year-on-year reflects several line items.”
However, despite the reduction in rentals, the blue chip company added three properties in Botswana to its list. “Firstly the three property additions in the prior year mentioned above resulted in a full year of costs in the current year. Secondly, in line with our longer-term strategy we have invested heavily during the year in maintenance costs to secure and retain quality tenants.

“This resulted in some significant new leases and renewals secured, including Letshego Holdings at Letshego Place for three years, Barclays Bank at Hillside Mall Lobatse for five years, Ackermanns and PEP at Nswazwi Mall for five years, Exact and Options at Pilane Crossing for five years and Corpus Legal Practitioners at PwC Office Park in Lusaka for five years. Lastly on the expense side, considerable costs have been incurred on consultancy fees to streamline the group structure.

This includes rationalising the number of subsidiaries held in both Zambia and Mauritius and commencing operations in South Africa. Such an exercise comes at an initial cost but will lead to savings/increased revenues in the longer term. We are very pleased to advise that we have finally overcome the effects on the trade licencing issue that plagued us since the opening of Pilane Crossing in September 2016. Mr Price have taken occupation and are due to start trading early in 2020 and Options have taken up the remaining unit,” PrimeTime said.

It said in Botswana, the first phase of Pinnacle Park at Setlhoa would be completed next month and for the ground-work of a new central business district (CBD) plot to commence. “A refurbishment is also planned for the exterior of our South Ring Mall property and an extension to Boiteko Junction in Serewo based on strong demand for the centre.  There are also further investment prospects that are currently under consideration by the board, to which unit-holders will be alerted in due course.

“In Zambia we are working hard to fill the remaining vacancies at Chirundu and Munali as the malls bed down. To deal with the current power supply issues in the currently we are currently evaluating proposals to install solar power on all our properties there. “Our management team and associates in Zambia have identified and secured further development prospects which could provide investment opportunities for PrimeTime subject to our usual parameters of securing good tenancies,” the company announced.

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Food prices continue to rise, but at a slower rate

28th November 2022

Prices for cereals or staple foods in Botswana and other Southern African countries continue to rise at a slower pace, following trends in the global markets, according to the latest November 2022 Food Price Monitoring and Analysis by Food Agricultural Organization (FAO) of the United Nations.

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Still doing business the old way?

18th November 2022

It’s time to get business done better with MTN Business Botswana’s ICT Solutions.

Running a digital businessMTN Business Solutions Botswana, popularly known as MTN Business is an Internet Service Provider. We are a subsidiary of MTN Group Limited, a multinational telecommunications Group headquartered in South Africa, which operates in 19 markets across Africa and the Middle East.

More and more, clients are looking for ways to keep their staff productive in a dynamically changing business environment. Whether your people are working from home, the office or abroad, there is a growing recognition that digitising your operations can offer unprecedented commercial value in flexibility, productivity and growth. This new, digital reality means that it is more important than ever to stay agile – if there is anything that can slow a business down, it is being burdened by othatld technology.

Having made substantial investments in fibre technology, high-speed terrestrial and undersea networks and new frequency spectrum across the markets wherein it operates, MTN is perfectly positioned to respond to this shift in the market.

A few years ago, MTN also made the decision to build an IP capable radio network for its mobile services, giving its core network the ability to seamlessly integrate with enterprise IP networks. The mobile towers deliver services to enterprise clients absolutely anywhere it has a network, shortening the last mile and removing complexity and cost.

Now there is increasing demand from clients to connect their remote sites in all areas, including rural and semi- rural. MTN has assisted clients with overcoming this connectivity hurdle, enabling their staff to get the job done wherever they are.
MTN’s evolution

For MTN, the focus has shifted from just being a core telecommunications services provider, towards also becoming a technology solutions provider. The service offering now also includes Unified Communications, Data Hosting and Cloud Solutions, Security-As-A-Service and Managed Network Services. The scope has changed to being client and industry specific, so the requirements and service portfolio vary from one client to the next. The expectation is that a company like MTN must respond to these challenges, helping clients to get business done better as they shift from old to new technologies.

As many businesses continue to grapple with a digitally dynamic world, they face new challenges that have to be solved. This environment will benefit those that are more digitally enabled and agile. It is a brave new world that will favour online over on-site, wireless over wired and fluid over formulaic. Businesses will seek out partners and suppliers that are every bit as flexible and forward-looking as they are.
Ultimately, clients need partners like MTN Business that will invest in infrastructure, deliver the services they require, have market credibility, are financially sound and have a long-term commitment to their market presence.

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BIE to vitalize the Dignity of Engineers

9th November 2022

Botswana Institution Of Engineers (BIE), has last week hosted a gala dinner in  which they appreciated engineers who worked tirelessly and with dedication for 10 years from 1983 to steer the BIE to its current status.

The event that was held at the Phakalane Golf Estate had brought together young, experienced and veteran engineers and was held under the theme “Vitalize the dignity and eminence of all professional engineers”.

Explaining the theme, the institution’s treasurer, Thanabalasingam Raveendran said that engineers were looked upon reverentially with respect as the educated but with time it seems to have deteriorated. He indicated that there is a need to change the narrative by all means.

“The BIE exists for the welfare and the betterment of us Botswana engineers, we need to recognize specialised units within our Institution. We Engineers strongly believe in Engineers make it happen” Raveendran said.

He indicated that under the theme they appeal to all engineers to energize, to attain quality of being worthy of honour and respect and to achieve recognized superiority amongst the Society.

Raveendran stated that engineers need to ensure their end product is of good quality satisfying the end users expectations and engineers must be honest in their work.

“Approximately 8000 engineers registered with Engineering Regulatory Board (ERB) are not members of the BIE, engineers need to make every effort to recruit them to BIE” he said.

He alluded that BIE being a society, it currently needs to upgrade itself at par with professional institutions elsewhere like the UK and USA.

He further stated that BIE has to have engineering units of specialised disciplines like Civil/Mechanical/electrical etc

“As President Masisi indicated in his inaugural speech, the young people, who make 60 percent of the population of this country, are the future leaders and therefore investing in them is building the bridge to the future” said Raveendran

Kandima indicated that BIE has a memorandum of Understanding with Engineers Registration Board (ERB), where BIE is a recognised provider of CPD training, mentorship programmes and more importantly IPD undertaking to upgrade the skills and know-how of our engineers.

“For us to achieve our mandate and make worthwhile changes to engineering in Botswana, we have to be totally focused and act with intent” said Kandima.

Furthermore, Stephen Williams, past president of the BIE from 1986-1988 told the engineers that  the BIE provides a fertile environment where they can meet, share ideas and grow professionally.

“The BIE is also a nesting place for graduate engineers to learn from their peers and seniors, it also cater for engineering technicians and technologists and so nobody in the technology field is left out” he said.

He further indicated that Botswana Government provides a conductive environment for growth of engineering professionals.

“It must be stated that the Botswana Government recognises the existence of BIE and it can further be stated that the government enables ERB to carry out its mandate as a regulator of engineering professionals” said Williams

He plead with engineering companies to recognize and support BIE as it is the only source of engineering personnel’s for various Industries .

Furthermore, when giving his farewell speech, Michael Pinard , a past president of the institution  said how they are viewed as engineers by the general public might be due to some lack of appreciation as to exactly what role they play in the development of the country.

“The BIE slogan is aptly coined-Engineers make it happen, in other words, what man dreams engineers create” Said Pinard.

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