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10:01Last update on: 13 Aug 2013
The Namibian
Tue 13 Aug 2013
SMS Of The Day * THIS nation is in dire need of a massive conference on housing. When we experienced a crisis in the education sector a crisis-control brain-storming conference was organised which resulted in the best deal ever for the Namibian child, nam Food For Thought * BOURGEOISIE has become a daily occupation if not the order of the day of the upper-echelons, President Hifikepunye Pohamba we urge you to revisit this unpatriotic geocentricism among your staff and the well-connected, for everybody to r Bouquets And Brickbats * COMMISSIONER of Prisons, can you please explain the strategies you use to appoint officers to certain positions? It is my observation that you are being fed with wrong information then you just promote individuals without making p SMS Of The Day * I THINK Paulus ‘The Rock’ Ambunda lost his belt because of this promoter and trainer. How can a world champion still be training at the Katutura Youth Complex where there is not enough equipment. I think they must follow the example of Ha Food For Thought * NAMIBIA Dairies are unable to match low prices of imported milk and this ultimately means the consumer will have to pay more for local milk. Look at the prices of the local chicken. All these profits are going in the pockets of a few in Bouquets And Brickbats * I AM pleased to hear that Cabinet has responded positively to the proposal of Namibia Dairies to support the industry. The restrictions which support the industry by reducing competition to ensure the survival of the industry is a SMS Of The Day * CEO’s golden handshakes. Somewhere on our statute books there must be a provision that if a board of directors suspends/dismisses a CEO without due regard to legal provision (substantive/procedural law) such board must carry the costs for Food For Thought * JACKY Asheeke was so right with her last column- why are the fathers of the dead children not being prosecuted? (Reference to the children who died in shack fires last week) Our justice system still protects men over women. In this cont Bouquets And Brickbats * ALEXACTUS Kaure, your column in Friday’s newspaper opened my eyes. One hardly finds impartial case study analysers in Namibia. Let’s not destroy the Polytechnic’s strong foundation (Tjivikua) as yet. At least wait until the transf SMS Of The Day * WHY doesn’t NBC listen when they are criticised? The little red chairs on Good Morning Namibia have done their part and are dirty especially at the arm rests. Please listen for once. You interview professionals and internationals on those Food For Thought * MINISTRY of Education, in order to address the shortages of teachers at primary schools why don’t you consider employing us who hold a diploma in lifelong learning and community education for teaching posts? We also did health education Bouquets And Brickbats * MY fellow Namibians, I am not a Swapo member but a third term for President Hifikepuye Pohamba will be a step closer towards attainment of Vision 2030. Believe me His Excellency has made crucial bold decisions, and I don’t regret
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BUSINESS - ECONOMY
| 2013-08-06
Investec, Prudential, RMB, ABSA Stanlib lose millions
INVESTEC’S money manager and Sanlam have the most at risk in a looming bond default of at least R925-million (US$94-million) after the liquidation of First Strut, a South African engineering company. Namibian asset managers invest hugely in South African financial markets and it was not immediately clear yesterday if Namibians stand to lose money after the liquidation of First Strut.
Investec Asset Management invested R435-million in a First Strut note through a company called Bacarac Trading, according to court documents filed in Pretoria on July 16 by Leslie Matuson and John Louw, who were appointed as business rescue practitioners.
Sanlam Capital Markets purchased R263-million, Fairtree Capital took R131-million of the notes, Prudential Portfolio Managers bought R51-million, Rand Merchant Bank invested R50-million and Stanlib Asset Management acquired R22-million.
First Strut’s liquidation came after the murder of chairperson Jeff Wiggill last month in Soweto, southwest of Johannesburg. Wiggill’s shooting was a contract killing, the Johannesburg-based Star reported last week, citing the bail application of one of the men arrested for his killing.
First Strut, which supplied the transport, mining and power industries, was placed in provisional liquidation on July 16.
Investec Asset Management, which manages R40-billion in corporate debt, said the First Strut bonds were part of a high-yield institutional credit strategy.
“Clients can still expect a positive return for the year ahead,” the Cape Town-based money manager said in an emailed reply to questions.
FirstRand, owner of South Africa’s second-largest banking group which includes Rand Merchant Bank, loaned the engineering company R200-million and invested R50-million in the bond, Sam Moss, investor relations director of Johannesburg- based FirstRand, said in an emailed response to questions on Tuesday.
First Strut has R925-million of floating-rate notes outstanding, which RMB sold for the company, according to data compiled by Bloomberg.
While Stanlib said it couldn’t respond due to client confidentiality, Sanlam Capital Markets, a unit of South Africa’s second-biggest insurer and Prudential Portfolio Managers didn’t immediately respond to telephone or emailed requests for comments.
The business rescue process, which tries to protect a company from creditors in the hope it can be salvaged, failed after Louw and Matuson were unable to raise as much as R80-million in July.
Absa Group, controlled by Barclays, loaned First Strut about R30-million, according to its investment banking head, Stephen van Coller. Absa didn’t invest in the high-yield note, he said, adding that any losses will be covered by provisions for bad debts.
Investec said last week its banking unit loaned about R240-million to First Strut. Investec didn’t immediately respond to emailed questions.
– Bloomberg/ Mail and Guardian
Investec Asset Management invested R435-million in a First Strut note through a company called Bacarac Trading, according to court documents filed in Pretoria on July 16 by Leslie Matuson and John Louw, who were appointed as business rescue practitioners.
Sanlam Capital Markets purchased R263-million, Fairtree Capital took R131-million of the notes, Prudential Portfolio Managers bought R51-million, Rand Merchant Bank invested R50-million and Stanlib Asset Management acquired R22-million.
First Strut’s liquidation came after the murder of chairperson Jeff Wiggill last month in Soweto, southwest of Johannesburg. Wiggill’s shooting was a contract killing, the Johannesburg-based Star reported last week, citing the bail application of one of the men arrested for his killing.
First Strut, which supplied the transport, mining and power industries, was placed in provisional liquidation on July 16.
Investec Asset Management, which manages R40-billion in corporate debt, said the First Strut bonds were part of a high-yield institutional credit strategy.
“Clients can still expect a positive return for the year ahead,” the Cape Town-based money manager said in an emailed reply to questions.
FirstRand, owner of South Africa’s second-largest banking group which includes Rand Merchant Bank, loaned the engineering company R200-million and invested R50-million in the bond, Sam Moss, investor relations director of Johannesburg- based FirstRand, said in an emailed response to questions on Tuesday.
First Strut has R925-million of floating-rate notes outstanding, which RMB sold for the company, according to data compiled by Bloomberg.
While Stanlib said it couldn’t respond due to client confidentiality, Sanlam Capital Markets, a unit of South Africa’s second-biggest insurer and Prudential Portfolio Managers didn’t immediately respond to telephone or emailed requests for comments.
The business rescue process, which tries to protect a company from creditors in the hope it can be salvaged, failed after Louw and Matuson were unable to raise as much as R80-million in July.
Absa Group, controlled by Barclays, loaned First Strut about R30-million, according to its investment banking head, Stephen van Coller. Absa didn’t invest in the high-yield note, he said, adding that any losses will be covered by provisions for bad debts.
Investec said last week its banking unit loaned about R240-million to First Strut. Investec didn’t immediately respond to emailed questions.
– Bloomberg/ Mail and Guardian
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