COMPANY NEWS IN BRIEF

STAFF REPORTER
RMB Namibia Implements Innovative Funding Solution for Entrepo

RMB Namibia acted as the trusted advisor for Entrepo Holdings, a government employee lending institution and long-term insurer, and provided a N$900 million debt funding solution.

Entrepo, having matured from a start-up to a highly successful business, required a scalable debt funding solution aligned with its growth ambitions. Diversifying its lender base is a crucial step in this regard.

RMB arranged and implemented a scalable debt funding solution that allows lenders to provide funding under a common terms agreement. This arrangement maintains flexibility on commercial terms being offered

to Entrepo. RMB also extended significant funding under this arrangement to the client. Strategically this deal aligns with RMB’s goal of supporting African businesses within its institutional client group.

“For RMB, our support for entities such as Entrepo, which aim to provide term funding and long-term insurance products to government employees, resonates with our commitment of enabling Namibians to participate in the country’s economic activity.” said Steffen Müseler, transactor at RMB Namibia.

-MARKETWATCH-

MTC opens Otjinene office

The populace of Otjinene has waved goodbye to days of traveling long distances to seek MTC services. This comes when the Mobile Telecommunications (MTC) officially opened a new MTC dealer shop in the town.

Previously, MTC used to serve its customers through Nampost which provided limited services. Such services included only the sale and replacement of sim cards. However, with the new dealer shop, customers will now have access to a range of MTC services such as contract applications, account payments and renewals, SIM replacement, data and device set-up and recharge vouchers among others.

“This is a customer-oriented move to bring services closer to the people because we believe that everyone should have easy access to our services. Before this new dealer shop, people of Otjinene and other adjacent constituencies use to travel hundreds of kilometres to Gobabis or Grootfontein to [for instance] open a contract account. We are thus glad that this will not be the case anymore. Additionally, while this is an act of decentralising our services, the dealership concept also provides income for our dealers to earn a commission from serving our clientele especially in remote areas," said John Ekongo, corporate affairs manager at MTC.

-MARKETWATCH-

AirlinePros International Announced as GSA for Precision Air in Four Key African Markets

AirlinePros International is excited to announce its appointment as the General Sales Agent (GSA) for Precision Air in Botswana, Zimbabwe, Zambia, and Namibia. This new partnership will enhance Precision Air’s sales and customer service support in these significant Southern African markets.

Shreyas Nanavati, CEO of AirlinePros International, expressed enthusiasm about the new partnership. “We are thrilled to represent Precision Air in these four strategic markets,” Shreyas said. “Our team is committed to harnessing our expertise in African markets and our in-depth knowledge of the region to promote Precision Air’s unique offerings and strengthen their position in these markets.”

As part of this collaboration, AirlinePros International will provide comprehensive sales, marketing, promotional, and customer support services to boost Precision Air’s presence in these countries. The partnership aims to facilitate ticket sales campaigns and other support to local travel agencies and partners. “We are happy to extend our cooperation with AirlinePros across

four new markets in Africa”, said Patrick Mwanri, Group Managing Director and CEO of Precision Air.

“This partnership will support our commitment to expanding our reach and providing seamless travel experiences to our customers. We look forward to leveraging AirlinePros’ expertise to enhance our services and

strengthen our presence in these key markets.”

-MARKETWATCH-

Standard Bank denies systems breach as clients report stolen funds

Standard Bank has denied that it suffered a systems breach despite a raft of complaints on social media platform X about an alleged "massive security breach" with several clients reporting fraudulent transactions or money being missing from their accounts.

"Standard Bank can confirm that there has been no breach of its system," the lender told News24 in response to questions on Tuesday after its X handle (@StandardBankZA) lit up on Tuesday morning with clients complaining that their bank accounts had allegedly been compromised, with many saying they were unable to block their cards or accounts due to the long wait in the bank’s call centre queue.

"Standard Bank would, however, like to apologise to customers for delayed responses when calling the call centre," the bank added. "This is due to a spike in month-end transactions. The bank has multiple security and authentication layers that it has made available to its customers."

News24 asked a long-standing member of Standard Bank's communications team whether there had been a sudden increase in fraud attempts, but the individual was unable to immediately provide an answer, nor to clarify why there had been a spike in social media reports of alleged fraud on client accounts. The bank, however, pledged to revert with an answer.

Standard Bank's status page (Standard Bank Status) showed that all its systems were operational.

-NEWS24-

Qatar Airways posts 39% jump in annual profit to record $1.67 billion

Qatar Airways posted a 39% jump in annual net profit to a record 6.1 billion Qatari riyals ($1.67 billion) on Tuesday.

Revenue grew by 6% to 81 billion riyals in the year ended March 31, the government-owned airline said.

It carried more than 40 million passengers and recorded a load factor of 83%.

"Our continued focus on profitability, efficiency and customer experience have been underpinned by a strategic programme of network growth and fleet expansion, resulting in the highest revenues and profit margins in the history of the airline", CEO Badr Mohammed Al-Meer was quoted as saying in a statement from the airline.

Demand for air travel has rebounded since the pandemic, but airlines have been constrained as planemakers struggle to get back to previous production levels due to disrupted supply chains and a safety crisis at Boeing.

In May, Al-Meer said aircraft manufacturers like Airbus and Boeing needed to put more pressure on their suppliers to reduce delivery delays.

The airline last month announced it was in talks with the two planemakers regarding a major wide-body order.

The carrier is also in talks to buy a stake of up to 20% in Bain Capital-owned Virgin Australia, according to a report last week.

-REUTERS-

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Currie Cup: NovaVit Griffons 15 vs 64 DHL Western Province | Hollywoodbets Sharks XV 21 vs 31 Airlink Pumas | Vodacom Bulls 25 vs 13 Toyota Cheetahs XV | Fidelity ADT Lions 25 vs 13 Suzuki Griquas Rugby World Cup U20: England U20 21 vs 13 France U20 | Australia U20 6 vs 14 Argentina U20 | Ireland U20 24 vs 38 New Zealand U20 | Italy U20 13 vs 24 Georgia U20 | Wales U20 31 vs 47 South Africa U20 | Spain U20 24 vs 19 Fiji U20 Katima Mulilo: 13° | 33° Rundu: 13° | 34° Eenhana: 13° | 34° Oshakati: 14° | 32° Ruacana: 14° | 33° Tsumeb: 17° | 30° Otjiwarongo: 11° | 29° Omaruru: 12° | 30° Windhoek: 8° | 25° Gobabis: 8° | 30° Henties Bay: 11° | 17° Wind speed: 16km/h, Wind direction: S, Low tide: 10:00, High tide: 04:01, Low Tide: 22:27, High tide: 16:30 Swakopmund: 12° | 15° Wind speed: 15km/h, Wind direction: SW, Low tide: 09:58, High tide: 03:59, Low Tide: 22:25, High tide: 16:28 Walvis Bay: 10° | 20° Wind speed: 17km/h, Wind direction: SW, Low tide: 09:58, High tide: 03:58, Low Tide: 22:25, High tide: 16:27 Rehoboth: 9° | 27° Mariental: 10° | 27° Keetmanshoop: 9° | 24° Aranos: 9° | 28° Lüderitz: 11° | 19° Ariamsvlei: 10° | 25° Oranjemund: 9° | 18° Luanda: 20° | 22° Gaborone: 11° | 27° Lubumbashi: 13° | 31° Mbabane: 12° | 23° Maseru: 3° | 19° Antananarivo: 12° | 25° Lilongwe: 16° | 30° Maputo: 17° | 24° Windhoek: 8° | 25° Cape Town: 9° | 15° Durban: 13° | 21° Johannesburg: 12° | 22° Dar es Salaam: 21° | 31° Lusaka: 16° | 30° Harare: 14° | 27° Currency: GBP to NAD 23.53 | EUR to NAD 19.86 | CNY to NAD 2.51 | USD to NAD 18.26 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.69 | ZWL to NAD 0.04 | BRL to NAD 3.28 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 133.95 | USD to AOA 872.64 | USD to BWP 13.58 | USD to EGP 48.36 | USD to KES 130.98 | USD to NGN 1584.2 | USD to ZAR 18.26 | USD to ZMW 25.9 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1757.83 Down -0.25% | Casablanca Stock Exchange (CSE) MASI 13623.01 Up +0.20% | Egyptian Exchange (EGX) 30 Index 28783.24 Up +0.45% | Botswana Stock Exchange (BSE) DCI 9380.4 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$ 2 391.98/OZ DOWN -0.0081 | Copper US$ 4.19/lb DOWN -0.0139 | Zinc US$ 2 743.30/T DOWN -1.55% | Brent Crude Oil US$ 82.76/BBP DOWN -0.0071 | Platinum US$ 944.71/OZ DOWN -0.0261 Sport results: Currie Cup: NovaVit Griffons 15 vs 64 DHL Western Province | Hollywoodbets Sharks XV 21 vs 31 Airlink Pumas | Vodacom Bulls 25 vs 13 Toyota Cheetahs XV | Fidelity ADT Lions 25 vs 13 Suzuki Griquas Rugby World Cup U20: England U20 21 vs 13 France U20 | Australia U20 6 vs 14 Argentina U20 | Ireland U20 24 vs 38 New Zealand U20 | Italy U20 13 vs 24 Georgia U20 | Wales U20 31 vs 47 South Africa U20 | Spain U20 24 vs 19 Fiji U20 Weather: Katima Mulilo: 13° | 33° Rundu: 13° | 34° Eenhana: 13° | 34° Oshakati: 14° | 32° Ruacana: 14° | 33° Tsumeb: 17° | 30° Otjiwarongo: 11° | 29° Omaruru: 12° | 30° Windhoek: 8° | 25° Gobabis: 8° | 30° Henties Bay: 11° | 17° Wind speed: 16km/h, Wind direction: S, Low tide: 10:00, High tide: 04:01, Low Tide: 22:27, High tide: 16:30 Swakopmund: 12° | 15° Wind speed: 15km/h, Wind direction: SW, Low tide: 09:58, High tide: 03:59, Low Tide: 22:25, High tide: 16:28 Walvis Bay: 10° | 20° Wind speed: 17km/h, Wind direction: SW, Low tide: 09:58, High tide: 03:58, Low Tide: 22:25, High tide: 16:27 Rehoboth: 9° | 27° Mariental: 10° | 27° Keetmanshoop: 9° | 24° Aranos: 9° | 28° Lüderitz: 11° | 19° Ariamsvlei: 10° | 25° Oranjemund: 9° | 18° Luanda: 20° | 22° Gaborone: 11° | 27° Lubumbashi: 13° | 31° Mbabane: 12° | 23° Maseru: 3° | 19° Antananarivo: 12° | 25° Lilongwe: 16° | 30° Maputo: 17° | 24° Windhoek: 8° | 25° Cape Town: 9° | 15° Durban: 13° | 21° Johannesburg: 12° | 22° Dar es Salaam: 21° | 31° Lusaka: 16° | 30° Harare: 14° | 27° Economic Indicators: Currency: GBP to NAD 23.53 | EUR to NAD 19.86 | CNY to NAD 2.51 | USD to NAD 18.26 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.69 | ZWL to NAD 0.04 | BRL to NAD 3.28 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 133.95 | USD to AOA 872.64 | USD to BWP 13.58 | USD to EGP 48.36 | USD to KES 130.98 | USD to NGN 1584.2 | USD to ZAR 18.26 | USD to ZMW 25.9 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1757.83 Down -0.25% | Casablanca Stock Exchange (CSE) MASI 13623.01 Up +0.20% | Egyptian Exchange (EGX) 30 Index 28783.24 Up +0.45% | Botswana Stock Exchange (BSE) DCI 9380.4 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$ 2 391.98/OZ DOWN -0.0081 | Copper US$ 4.19/lb DOWN -0.0139 | Zinc US$ 2 743.30/T DOWN -1.55% | Brent Crude Oil US$ 82.76/BBP DOWN -0.0071 | Platinum US$ 944.71/OZ DOWN -0.0261