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The Bihl Group celebrates 45 years of engineering legacies

The Nation’s leading financial service provider, Botswana Insurance Holdings Limited (BIHL) Group is celebrating 45 years of engineering legacies.

The Group, which has come a long way since selling its very first life policy in 1977, has achieved market-leading growth over the years, offering a diverse range of financial solutions through its three key subsidiaries: Botswana Life Insurance Limited, Botswana Insurance Fund Management Limited (Bifm) and Botswana Insurance Company (BIC).

The BIHL Group Chief Executive Officer, Catherine Lesetedi, said: “Our 45th anniversary is an incredible milestone for us and we are incredibly excited. This momentous achievement is demonstrative of our heritage as the Group, our Subsidiaries and Associates as well as our legacy of excellence over the years.

We are honoured and proud to have such talented employees who have served the company with unwavering dedication as well as the partnerships we have established with various organizations throughout our history. Although our sapphire jubilee unfolds against the backdrop of the COVID-19 pandemic with heightened uncertainty in the market and the global community at large, this period made our responsibility and importance as the Nation’s leading financial services provider even clearer.

Our services are essential to people’s lives and it is during times like these that our purpose matters a lot to the people and communities we serve. As the Group, we remain committed to supporting the people of this Nation and weathering every season together in solidarity.”

Over the years, the Group has built a tradition of excellence with each of the Subsidiaries succeeding as leaders in their own markets. Leveraging its Strength in Numbers, the Group has grown to expand its footprint across the Southern African region through its Subsidiaries and Associate companies: Letshego Holdings Limited, Funeral Services Group (FSG) and Nico Holdings Limited.

Said the Group CEO, “We firmly believe in our Strength in Numbers. Where we all deliver on excellence, the mark is greater, and the impact bigger as we have witnessed over the years. As we add another year to our rich heritage, we believe that there has never been a more fitting time to tell the story of the bull.

Every bull was once a calf and this year’s 45th anniversary will be anchored on reflecting on our journey from where we started, what we have achieved, and what our plans are for the future. Our success is a result of the people of Botswana who believed in us and supported the success of the business over the past years and we hope to celebrate this momentous occasion together.”

Established in 1975, the BIHL Group is one of the largest companies listed on the Botswana Stock Exchange.

Currently headquartered in Gaborone, Botswana, the Group has over 400 staff, 800 financial advisors and 9 branches Nationwide. The organization has been a major key player in the local private sector and a major contributor to the local economy.

Through its Corporate Social Investment (CSI) arm, the BIHL Trust, the Group has remained dedicated in its efforts to make a meaningful impact in the communities in which it operates through the empowerment and support of various initiatives, projects and contributions over the years.

The Group CEO said: “As our current reality stands, COVID-19 has caused so much uncertainty in the world with the loss of many lives and businesses facing great difficulties during this time. Reaching this milestone given the circumstances, is a true testament of our resilience and robustness as a business. More importantly, this has also demonstrated the belief and support of the people who have entrusted us with their legacies, which makes us all the more appreciative.

Throughout our history, we have seen and mastered many challenging moments and we are convinced that we will overcome this pandemic too. Despite the challenges the world has imposed upon us, nothing can keep our hearts apart. Nothing can break our spirit, just as nothing has for decades yet. We are united in heart and harmony, in passion and resilience. We are, in every way, 45 years stronger together.”

The Group reaffirmed its commitment to delivering sustainable growth and profitability for all of its stakeholders as well as to continuing its legacy of excellence in service for the people of Botswana and the Nation as a whole.

Concluded Lesetedi, “Our success as the BIHL Group is no flash in the pan. We have been serving generations of Batswana and engineering the legacies of our people for 45 years and we will continue to be a trusted partner for the people of Botswana in the future. Our journey to serve as the Group is only beginning – for excellence is not a destination it is a continuous journey that never ends. Thus, we owe it to ourselves and to our posterity to keep on excelling, delivering shared value for all our stakeholders and continuing the African story of success.”

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Business

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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Business

Global CEOs Back Plan to Unlock $3.4 Trillion Potential of Africa Free Trade Area

23rd January 2023

African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).

AfCFTA: A New Era for Global Business and Investment in Africa outlines high-potential sectors, initiatives to support business and investment, operational tools to facilitate the AfCFTA, and illustrative examples from successful businesses in Africa to guide businesses in entering and expanding in this area.

The report aims to provide a pathway for global businesses and investors to understand the biggest trends, opportunities and strategies to successfully invest and achieve high returns in Africa, developing local, sub-regional and continental value chains and accelerating industrialization, all of which go hand in hand with the success of the AfCFTA.

The AfCFTA is the largest free trade area in the world, by area and number of participating countries. Once fully implemented, it will be the fifth-largest economy in the world, with the potential to have a combined GDP of more than $3.4 trillion. Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment, and boost overseas exports by a third, double intra-continental trade, raise incomes by 8% and lift 50 million people out of poverty.

To ease the pain of transition to its new single market, Africa has learned from trade liberalization in North America and Europe. “Our wide range of partners and experience can help anticipate and mitigate potential disruptions in business and production dynamics,” said Børge Brende, President, and World Economic Forum. “The Forum’s initiatives will help to ease physical, capital and digital flows in Africa through stakeholder collaboration, private-public collaboration and information-sharing.”

Given the continent’s historically low foreign direct investment relative to other regions, the report highlights the sense of excitement as the AfCFTA lowers or removes barriers to trade and competitiveness. “The promising gains from an integrated African market should be a signal to investors around the world that the continent is ripe for business creation, integration and expansion,” said Chido Munyati, Head of Regional Agenda, Africa, World Economic Forum.

The report focuses on four key sectors that have a combined worth of $130 billion and represent high-potential opportunities for companies looking to invest in Africa: automotive; agriculture and agroprocessing; pharmaceuticals; and transport and logistics.

“Macro trends in the four key sectors and across Africa’s growth potential reveal tremendous opportunities for business expansion as population, income and connectivity are on the rise,” said Wamkele Mene, Secretary-General, AfCFTA Secretariat.

“These projections reveal an unprecedented opportunity for local and global businesses to invest in African countries and play a vital role in the development of crucial local and regional value chains on the continent,” said Landry Signé, Executive Director and Professor, Thunderbird School of Global Management and Co-Chair, World Economic Forum Regional Action Group for Africa.

The Forum is actively working towards implementing trade and investment tools through initiatives, such as Friends of the Africa Continental Free Trade Area, to align with the negotiation process of the AfCFTA. It identifies areas where public-private collaboration can help reduce barriers and facilitate investment from international firms.

About the World Economic Forum Annual Meeting 2023

The World Economic Forum Annual Meeting 2023 convenes the world’s foremost leaders under the theme, Cooperation in a Fragmented World. It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world. For further information,

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Business

Electricity generation down 15.8%

9th January 2023

Electricity generation in Botswana during the third quarter of 2022 declined by 15.8%, following operational challenges at Botswana Power Corporation’ Morupule B power plant, according to Statistics Botswana Index of Electricity Generation (IEG) released last week.

The index shows that local electricity generation decreased by 148,243 MWH from 937,597 MWH during the second quarter of 2022 to 789,354 MWH during the third of quarter of 2022.

This decrease, according to the index, was mainly attributed to a decline in power supply realized at Morupule B power station. The index shows that as a result of low power supply from the plant, imported electricity during the third quarter of 2022 increased by 76.3 percent (123,831 MWH), from 162,340 MWH during the second quarter of 2022 to 286,171 MWH during the current quarter and Statistics Botswana added that the increase was necessitated by the need to augment the shortfall in generated electricity.

In the index Statistics Botswana stated that Eskom was the main source of imported electricity at 42.0 percent of total electricity imports. “The Southern African Power Pool (SAPP) accounted for 38.4 percent, while the remaining 10.1, 9.1 and 0.5 percent were sourced from Electricidade de Mozambique (EDM), Cross-border electricity markets and the Zambia Electricity Supply Corporation Limited (ZESCO), respectively. Cross-border electricity markets are arrangements whereby towns and villages along the border are supplied with electricity from neighbouring countries such as Namibia and Zambia.”

The government owned statistics entity stated that distributed electricity decreased by 2.2 percent (24,412 MWH), from 1,099,937 MWH during the second quarter of 2022 to 1,075,525 MWH during the third quarter of 2022. The entity noted that electricity generated locally contributed 73.4 percent to electricity distributed during the third quarter of 2022, compared to a contribution of 85.2 percent during the third quarter in 2022 and added that this gives a decline of 11.8 percentage points. “The quarter-on-quarter comparison shows that the contribution of electricity generated to electricity distributed decreased by 11.8 percentage points compared to the 85.2 percent contribution during the second quarter of 2022.”

Statistics Botswana meanwhile stated that the year-on-year analysis shows some improvement in local electricity generation. Recent figures from entity show that the physical volume of electricity generated increased by 36.3 percent (210,319 MWH), from 579, 036 MWH during the third quarter of 2021 to 789,354 MWH during the current quarter. According to Statistics Botswana electricity generated locally contributed 73.4 percent to electricity distributed during the third quarter of 2022, compared to a contribution of 57.7 percent during the same quarter in 2021. This gives an increase of 15.7 percentage points.

 

The entity noted that trends also show an increase in physical volume of electricity distributed from 2013 to the third quarter of 2022, thereby indicating that there are ongoing efforts to meet the domestic demand for power. “There has been a gradual increase of distributed electricity from the first quarter of 2013 to the third quarter of 2022, even though there are fluctuations. The year-on-year perspective shows that the amount of distributed electricity increased by 7.2 percent (71,787 MHW), from 1,003,738 MWH during the third quarter of 2021 to 1,075,525 MWH during the current quarter.”

The statistics entity noted that year-on-year analysis show that during the third quarter of 2022, the physical volume of imported electricity decreased by 32.6 percent (138,532 MWH), from 424,703 MWH during the third quarter of 2021 to 286,171 MWH during the third quarter of 2022. “There is a downward trend in the physical volume of imported electricity from the first quarter of 2013 to the third quarter of 2022. The downward trend indicates the country’s continued effort to generate adequate electricity to meet domestic demand, hence the decreased reliance on electricity imports.”

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