COMPANY NEWS IN BRIEF
COMPANY NEWS IN BRIEF

COMPANY NEWS IN BRIEF

Phillepus Uusiku
Tiger Brands forced to recall cans

Tiger Brands is recalling certain KOO and Hugo’s canned vegetable products produced from 1 May 2019 to 5 May 2021 due to an extremely small number of defective cans supplied by a packaging supplier. The cans may have a defective side seam weld that could cause the can to leak. The company identified the issue as part of its internal quality assurance processes.

Canned products forming part of this recall include products from the KOO and Hugo’s canned vegetable range, including baked beans, that were produced from 1 May 2019 to 5 May 2021.

The issue was first identified as part of routine quality control procedures. Investigations identified a deficiency in the side seam weld of cans manufactured by a third-party supplier.

No health issues have been reported to date relating to the affected product range. Despite the low probability of illness and injury, matters of quality and food safety are an absolute priority for Tiger Brands. Therefore, the company in consultation with the National Consumer Council (NCC) made the decision to initiate a precautionary withdrawal in the best interest of consumers.

Tiger Brands is working with its retail and wholesale customers to remove all affected canned vegetable products from store shelves and replace with fresh stock produced from quality assured cans. - My Office News

Prosus faces investor criticism

Technology investor Prosus will pay up to US$144 million in transaction fees when it buys a block of parent company Naspers' shares, according to a document submitted to stock exchanges on July 12, prompting criticism from investors.

The fees total more than Prosus' free cashflow for the year ended March 31, and are almost three times more than Naspers paid in 2019 to list Prosus on the Amsterdam Stock Exchange.

Some 95 million euros (US$112 million) of the fees will be to cover securities transfer tax (STT), according to the document, reviewed by Reuters. The rest will be for costs such as fees for bankers, lawyers and accountants.

Prosus was spun out of Naspers in 2019 to hold the South African group's international assets, including its 29% stake in Chinese tech giant Tencent. Naspers hoped the move would reduce the discount its shares traded at to the value of its holding in Tencent.

To try to address this, Prosus said in May it would issue new shares to buy up to 45.4% of Naspers in a share swap deal. -Nampa/Reuters

Union at BHP urges members to strike

The union at BHP Group Ltd's Escondida copper mine in Chile, the world's largest, on Wednesday urged its members to vote to strike, saying the company was attempting to impose its will and its contract offer was "insufficient".

The powerful, 2 300-member union is set to vote on BHP's contract offer between Thursday and Saturday this week.

"The Union has summoned all its members to vote en masse to reject this last offer, in order to declare a legal strike, the only tool that we have left in this scenario," the statement read.

A prolonged strike by the mine's top worker's union would constrict already tight global supplies of copper and likely send already high prices higher.

Negotiations over the last two months between the company and the union have been conducted in secrecy, against a backdrop of record high metal prices amid expectations of a gradual global recovery from the Covid-19 pandemic.

The union said in its statement the talks had failed to make progress on its main demands, including an improved system of professional development and performance-based compensation. -Nampa/Reuters

Transnet to lift force majeure

South African state logistics firm Transnet said it would soon lift a force majeure for its container terminals that it declared following a cyberattack that disrupted operations.

The cyberattack, which has hampered container terminals at Trasnets's ports from Thursday, could cause backlogs and hobble the region's exports of goods to international markets.

Force majeure is a contractual clause invoked when factors outside a company's control render it unable to meet its commitments to customers.

A document sent to customers and dated on Monday said the force majeure would be implemented with immediate effect.

It would impact container terminals in Durban, Ngqura, Port Elizabeth and Cape Town due to "an act of cyberattack, security intrusion and sabotage" which has disrupted normal processes and continues to persist.-Nampa/Reuters

SA's Mango Airlines suspends flights

South African Airways (SAA) subsidiary Mango Airlines temporarily suspended all flights and services on Tuesday until further notice due to outstanding payments to Air Traffic Navigation Services, Mango acting CEO William Ndlovu said.

"Senior management and our shareholder are locked-in in emergency discussions to find an amicable solution to this impasse," Ndlovu said in a statement.

The budget carrier is in a dire financial position despite the South African parliament having approved a special allocation of R2.7 billion for SAA subsidiaries.

On Monday SAA's interim chief executive Thomas Kgokolo said Mango will enter a local form of bankruptcy protection known as business rescue.

In April Mango briefly halted flights because of outstanding payments to Airports Company South Africa and has not paid workers salaries for more than two months. -Nampa/Reuters

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Namibian Sun 2024-03-29

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Katima Mulilo: 19° | 36° Rundu: 19° | 29° Eenhana: 19° | 29° Oshakati: 21° | 30° Ruacana: 20° | 33° Tsumeb: 19° | 29° Otjiwarongo: 16° | 29° Omaruru: 19° | 32° Windhoek: 17° | 29° Gobabis: 17° | 30° Henties Bay: 16° | 20° Wind speed: 22km/h, Wind direction: S, Low tide: 11:22, High tide: 05:24, Low Tide: 23:26, High tide: 17:46 Swakopmund: 16° | 17° Wind speed: 24km/h, Wind direction: SW, Low tide: 11:20, High tide: 05:22, Low Tide: 23:24, High tide: 17:44 Walvis Bay: 16° | 22° Wind speed: 27km/h, Wind direction: SW, Low tide: 11:20, High tide: 05:21, Low Tide: 23:24, High tide: 17:43 Rehoboth: 19° | 30° Mariental: 23° | 34° Keetmanshoop: 24° | 35° Aranos: 22° | 33° Lüderitz: 15° | 28° Ariamsvlei: 24° | 35° Oranjemund: 14° | 25° Luanda: 27° | 28° Gaborone: 20° | 32° Lubumbashi: 17° | 26° Mbabane: 16° | 21° Maseru: 11° | 29° Antananarivo: 16° | 27° Lilongwe: 17° | 27° Maputo: 20° | 28° Windhoek: 17° | 29° Cape Town: 17° | 28° Durban: 20° | 24° Johannesburg: 16° | 24° Dar es Salaam: 26° | 32° Lusaka: 20° | 30° Harare: 16° | 29° Currency: GBP to NAD 23.79 | EUR to NAD 20.36 | CNY to NAD 2.61 | USD to NAD 18.87 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.77 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 133.84 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.35 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 18.88 | USD to ZMW 25.01 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 74536 Up +0.85% | Namibian Stock Exchange (NSX) Overall Index 1528.69 Up +0.84% | Casablanca Stock Exchange (CSE) MASI 12986.94 Up +0.04% | Egyptian Exchange (EGX) 30 Index 27559.35 Down -2.36% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 233.12/OZ UP +1.93% | Copper US$ 3.99/lb UP +0.12% | Zinc US$ 2 455.50/T UP 0% | Brent Crude Oil US$ 87.65/BBP UP +1.46% | Platinum US$ 908.62/OZ UP +1.53% Sport results: Weather: Katima Mulilo: 19° | 36° Rundu: 19° | 29° Eenhana: 19° | 29° Oshakati: 21° | 30° Ruacana: 20° | 33° Tsumeb: 19° | 29° Otjiwarongo: 16° | 29° Omaruru: 19° | 32° Windhoek: 17° | 29° Gobabis: 17° | 30° Henties Bay: 16° | 20° Wind speed: 22km/h, Wind direction: S, Low tide: 11:22, High tide: 05:24, Low Tide: 23:26, High tide: 17:46 Swakopmund: 16° | 17° Wind speed: 24km/h, Wind direction: SW, Low tide: 11:20, High tide: 05:22, Low Tide: 23:24, High tide: 17:44 Walvis Bay: 16° | 22° Wind speed: 27km/h, Wind direction: SW, Low tide: 11:20, High tide: 05:21, Low Tide: 23:24, High tide: 17:43 Rehoboth: 19° | 30° Mariental: 23° | 34° Keetmanshoop: 24° | 35° Aranos: 22° | 33° Lüderitz: 15° | 28° Ariamsvlei: 24° | 35° Oranjemund: 14° | 25° Luanda: 27° | 28° Gaborone: 20° | 32° Lubumbashi: 17° | 26° Mbabane: 16° | 21° Maseru: 11° | 29° Antananarivo: 16° | 27° Lilongwe: 17° | 27° Maputo: 20° | 28° Windhoek: 17° | 29° Cape Town: 17° | 28° Durban: 20° | 24° Johannesburg: 16° | 24° Dar es Salaam: 26° | 32° Lusaka: 20° | 30° Harare: 16° | 29° Economic Indicators: Currency: GBP to NAD 23.79 | EUR to NAD 20.36 | CNY to NAD 2.61 | USD to NAD 18.87 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.77 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 133.84 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.35 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 18.88 | USD to ZMW 25.01 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 74536 Up +0.85% | Namibian Stock Exchange (NSX) Overall Index 1528.69 Up +0.84% | Casablanca Stock Exchange (CSE) MASI 12986.94 Up +0.04% | Egyptian Exchange (EGX) 30 Index 27559.35 Down -2.36% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 233.12/OZ UP +1.93% | Copper US$ 3.99/lb UP +0.12% | Zinc US$ 2 455.50/T UP 0% | Brent Crude Oil US$ 87.65/BBP UP +1.46% | Platinum US$ 908.62/OZ UP +1.53%