Author Archives: IJGResearch

Namibia Inflation – June 2015

By | | ,
Comments Off on Namibia Inflation – June 2015

Picture1

The Namibian annual inflation rate remained unchanged at 3.0% in July. On a month on month basis, the inflation rate eased to 0.3%, as a result of slowing price increases in of food and non-alcoholic beverages as well as clothing and footwear. An equal number of CPI basket categories experienced increases and decreases in the rate of inflation on an annual basis.

Picture2

On a year on year basis, food prices have increased by 4.1%, down from 4.5% in May, due partly to an elevated base. The effects of lower input costs due to depressed fuel prices are still flowing through to food prices. This is not likely to persist for long as poor rainfall in Namibia and South Africa, coupled with fuel price increases, should see prices start to increase again in the latter half of the year.

The alcoholic beverages and tobacco category continues to see prices rise at a more rapid rate than most of the basket categories, with twelve month average inflation picking up steam during the first half of the year. Prices increased 7.2% y/y during June, more or less in line with the rate recorded in May. The inflation rate was once again the single biggest contributor to the overall rise in prices experienced during the month.

Transport and fuel prices increased 0.6% on a monthly basis, although prices are still down on an annual basis. An increase in prices was largely expected due to the increase in oil prices and the modest increase in fuel prices that followed. The normalization of oil prices at current levels should mean that fuel prices will remain relatively stable at, or near current levels.

Picture3

Inflation for June came in roughly in line with our expectations but we feel that inflation will start to pick up through the remainder of the year. However, low levels of inflation in housing and utilities as well as deflation in transport prices on an annual basis should contribute to below trend levels of inflation for some months to come, and result in below average annual inflation. In the longer term, however, a pickup in annual rates is inevitable due to cost push factors such as the depreciating currency, poor rainfall, and electricity generation issues within the region, all pointing to higher future prices.

 

Vehicle Sales – June 2015

By | | ,
Comments Off on Vehicle Sales – June 2015

Veh Jun

A total of 1,845 new vehicles were sold in Namibia during June. New vehicle sales fell by 8.8% year on year, although this is due to the high base set last year. On a year to date basis new vehicle sales grew by 4.6% to 11,003, therefore still on track for a record year. The 12 month cumulative measure of new vehicles sold fell for a second month, down from 22,611 in May to 22,434 in June, largely due to the high base set in June 2014.

Veh Jun1

 

Passenger vehicle sales rebounded 23.1% on a month on month basis after falling 15.4% last month. On a year to date basis sales of new passenger vehicles rose 3.7% to 4,986 vehicles sold, the highest figure on record. Year on year sales of new passenger vehicles grew by 1.5%, up from -3.8% last month. A total of 906 new passenger vehicles were sold during June, four vehicles short of the highest figure on record.

On a month on month basis new commercial vehicle sales rebounded 8.3% with a total of 939 vehicles driving off the showroom floors. The total number of new commercial vehicles sold for the year has increased by 5.3% to 6,017, on track for a record year. Sales of new light commercial vehicles jumped 9.4% month on month, although dropping 15% year on year, due to a high base in June last year. Sales of medium commercial vehicles rose by 20% over last month while sales of heavy commercial vehicles fell by 10.5% on a month on month basis. Both these metrics are on track for record sales on a yearly basis with record year to date figures.

Veh Jun2The Bottom Line

Current year to date vehicle sales are at record levels for all classes measured. This is a sign of positive consumer sentiment and indicative of a growing economy. A strong consumer base supported by expansionary fiscal policy and real wage growth should see the growth trend continue, although at a slower pace due to an elevated base set last year.

ORYX PROPERTIES LIMITED – Notice of a general meeting of unitholders

By | | ,
Comments Off on ORYX PROPERTIES LIMITED – Notice of a general meeting of unitholders

Namibia Stock Exchange (NAM) Date: Jul 10 2015 12:00:19
ORYX PROPERTIES LIMITED – Notice of a general meeting of unitholders

Notice of a general meeting of unitholders

ORYX PROPERTIES LIMITED
(Incorporated in the Republic of Namibia)
(Registration number 2001/673)
(“Oryx” or “the Company”)
(Share Code: ORY ISIN Code: NA0001574913) [7A1;7A3]
Directors:
F Uys (Chairman)
A Angula (Ms)
JJ Comalie (Ms)
SI de Bruin
C Fourie
NBS Harris (South African)
JC Kuehhirt
MK Shikongo
A Swanepoel

NOTICE OF A GENERAL MEETING OF UNITHOLDERS
Notice is hereby given that a general meeting of unit holders of the company will be held at the Kalahari
Sands Hotel, Elephant Room, 129 Independence Avenue, Windhoek at 09:00 on Tuesday, 4 August 2015
(“the general meeting”), for the purpose of considering and, if deemed fit, passing with or without
modification, the ordinary resolution set out below.

The board of directors proposes a rights issue to current unit holders of one for every five units held. This equates to 13 210 002 authorised but unissued units being placed under the control of the directors until the next Annual General Meeting.

The board believes it is prudent to have a rights issue in order to:

  • lower the current and expected gearing levels of the company
  • mitigate the risk of possible interest rate increases
  • position the balance sheet (statement of financial position) for future expansionary activities.

Gearing levels are in excess of 40% and a limiting factor in considering any expansionary activity.

This resolution does not bind any unit holders to taking up their rights when the proposed rights issue
does take place, but to give the authority to the board to go ahead with the process of planning and
administering the rights issue. A circular giving detailed information about the rights issue and its
financial implications will be sent to unit holders in order for them to make an informed decision on
whether to exercise their rights.

ORDINARY RESOLUTION

“RESOLVED THAT 13 210 002 (Thirteen Million Two hundred and Ten Thousand and Two) unissued
authorised units be placed under the control of the directors for the purpose of a rights issue is hereby
approved.”
FORM OF PROXY

A form of proxy is attached for the convenience of any unit holder who cannot attend the general
meeting. Forms of proxy may also be obtained on request from the company’s registered office. The
completed forms of proxy must be deposited at or posted to the office of the transfer secretaries of the
company, Transfer Secretaries (Proprietary) Limited, 4 Robert Mugabe Avenue, Windhoek (PO Box
2401, Windhoek) to be received by no later than 9:00 on Monday, 3 August 2015. Any member who
completes and lodges a form of proxy will nevertheless be entitled to attend and vote in person (to the
exclusion of the proxy) at the general meeting should the member subsequently decide to do so.

DIRECTIONS TO THE OFFICES OF TRANSFER SECRETARIES

Transfer Secretaries is situated in the NSX building. When travelling on Robert Mugabe Avenue from the CBD toward Maerua Mall, turn left on Thorer Street and right at the T-junction [Burg Street]. Transfer Secretaries are in the 2nd building on the right.
By order of the board
E Pagel
Company Secretary
Windhoek
13 July 2015