AfDB approves US$86.72m loan to boost water supply in South Africa and Lesotho

LESOTHO – The African Development Bank Group’s (AfDB) Board of Directors has approved a loan of US$86.72 million to co-finance the second phase of the Lesotho Highlands Water Project. The multi-phase project will provide water to the Gauteng region of South Africa and generate hydroelectricity for Lesotho and the project entails harnessing the waters of the Senqu/Orange River in the Lesotho highlands by constructing a series of dams for the mutual benefit of the two countries. The Trans-Caledon Tunnel Authority, a state-owned entity in South Africa charged with financing and…

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Mergence Investment Managers Lesotho launches two unit trusts

LESOTHO – Mergence Investment Managers Lesotho has launched two unit trust investment products – the Mergence Lesotho Equity Unit Trust Fund and the Mergence Lesotho CPI + 4% Fund. Both unit trusts are available for retail and institutional investors. Semoli Mokhanoi, Managing Director of Mergence Lesotho, said that the unit trusts will go a long way to opening up investments for the Basotho people who wish to save for their future. “The main saving that most people make is into their company’s retirement fund, but if you have spare cash…

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Diamond company Lucapa suspends operations in Lesotho

LESOTHO – Lucapa Diamond Company of Australia has announced the suspension of its mining operations at its mine in Lesotho, as the mountain kingdom imposes a two-week hard lockdown to curb the spread of Covid-19. The mining company said that it has decided to suspend operations at the Mothae kimberlite mine with appropriate care and maintenance, and security measures. Lucapa Diamond managing director Stephen Wetherall said that mining and processing operations would be restarted when the lockdown ends. “Our priority is to ensure the health and safety of our valued…

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Lesotho revokes Vodacom’s operating licence

LESOTHO – The government of Lesotho has informed Vodacom of its decision to revoke the giant telco’s operating licence for flouting its licence conditions. The decision by the Lesotho Communications Authority (LCA) comes after the regulator imposed what Vodacom called “a staggering” fine of US$ 8 million  on the company for allegedly flouting its licence conditions and for allegedly being in breach of local legislation governing companies. Vodacom is Lesotho’s biggest mobile operator. In response, Vodacom Group said statement that it intends to lodge an urgent high court interdict against…

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1K1V completes recapitalization of Lesotho based aquaculture company SanLei

LESOTHO – One Thousand & One Voices (1K1V), a private family capital fund backed exclusively by industry-leading families from around the world, has announced the successful recapitalization of SanLei, its specialist aquaculture portfolio company headquartered in the Kingdom of Lesotho. As part of the transaction, Mergence Investment Managers acquired a significant minority interest in SanLei on behalf of its Lesotho pension fund client. The transaction positions SanLei to accelerate its expansion towards becoming the largest trout operation of its kind in Africa with the benefit of a strong Lesotho-based shareholder…

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World Bank appoints Marie-Nelly as new director of Southern Africa

SOUTHERN AFRICA – World Bank has appointed Marie Françoise Marie-Nelly as the Country Director for South Africa, Namibia, Lesotho, Botswana and Eswatini reports New Era. Marie-Nelly has extensive experience working in the Middle East, North Africa and Sub-Saharan regions in countries with diverse set of contexts and different development needs and trajectories. Prior to taking up this post, Ms Marie-Nelly was Country Director for the Maghreb and Malta. She replaces Paul Noumba Um. “I am excited by the move to the Southern Africa region,” said Marie-Nelly, “ I look forward…

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DHL expands Africa eShop application in 14 countries to increase its user base

AFRICA – DHL Express, a courier company, announced that their e-commerce platform eShop is now available in 14 additional countries across the region. The countries include Angola, Benin, Burkina Faso, Burundi, Chad, Ethiopia, Guinea, Lesotho, Liberia, Mali, Namibia, Niger, Sudan, and Togo. This increases the platform’s reach to 34 countries across sub-Saharan Africa that was launched in April 2019. South Africa was one of the first countries where the eShop was launched. Since its initial introduction, the DHL Africa eShop app has seen its user base grow rapidly, and within…

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Labat Africa enters cannabis market, secures trading licence in Lesotho

SOUTH AFRICA – South Africa’s investment group Labat Africa is set diversify into the booming multi-billion dollar cannabis industry. This is after it acquired a trading license to cultivate, manufacture, supply, hold, import, export and transit cannabis in the Kingdom of Lesotho. The company which has been operating for over 25 years as a technology and logistics holding company has also acquired two local companies to enhance its capacity to process cannabis. The two companies acquired by Labat Africa are Knuckle Genetics and Pac-con pharmaceuticals at a cost of US$270,000…

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