CIC Energy-JSW deal in trouble over Botswana project

Reuters
CIC Energy Corp's buyout by JSW Energy Ltd might be terminated or delayed if it fails to get a "comfort letter" from the Botswana government for its 300 MW power project in Botswana. Last November, CIC had agreed to a C$422 million, or C$7.42 a share, buyout offer from JSW Energy, subject to CIC having obtained such a comfort letter from the Government of Botswana. CIC said it has begun talks with JSW and the government of Botswana. The discussions are expected to conclude by May 31. CIC said the deal may also be delayed pending talks and fulfilment of several conditions. It had expected to close the deal by end of May. If the proposed acquisition of CIC is not completed by May 31, either CIC Energy or JSW will be entitled to terminate the supplementary agreement, CIC said in a statement. Last month, the Botswana government had declined to renew one of CIC's two mining licenses.

"Should the supplementary agreement be terminated, CIC Energy will review its strategic plans, including exploring alternative corporate transactions."

Public service strike exposes chinks in Botswana's armour

Mail & Guardian
Almost 100 000 public servants have been on strike in Botswana since Monday last week, in an unprecedented display of popular militancy in the country. The nationwide strike, over demands for a 16% salary increase, has potential political implications for a state ruled by the Botswana Democratic Party since independence. Thousands of striking workers have gathered daily at the Gaborone Secondary School (GSS) grounds, chanting anti-government slogans. Some union members say the strike is clearly influenced by events in North Africa, adding that the GSS grounds have been nicknamed "the Tahrir Square of Botswana", recalling the scene of protests in central Cairo. Workers in major towns and villages have also been demonstrating. The strike is said to have paralysed government operations such as health and education. Trade unions claim that about 80% of the civil service has joined in. The state is Botswana's largest employer. Unionists said the government has redeployed members of the Botswana Defence Force, the Botswana Police and volunteers to keep services running. The Botswana Red Cross Society has also been roped in to assist in clinics and hospitals. This week the government of President Ian Khama dismissed reports of a "crisis". The government spokesperson and deputy permanent secretary in Khama's office, Jeff Ramsay, told the Mail & Guardian that the situation is under control. "While the strike has certainly not paralysed the government service as a whole, it has had a negative impact in some areas. No hospitals or schools have been closed, but some have been affected," Ramsay said.

Botswana Beef Exports Slump 89% After Exports to Europe Halted

Bloomberg: "Beef exports from Botswana fell 89 percent in February after the country halted shipments to the European Union, according to the Bank of Botswana. Botswana’s beef shipments were 7.5 million pula ($1.2 million) in the month, compared with 66.3 million in January, according to a statement from the Gaborone-based central bank. The state-owned Botswana Meat Commission is working to solve problems outlined in a January EU inspection, including better identification of animals."

Botswana Couriers set to unlock abundant value

Botswana Business Diary: "Sitting on world class infrastructure owned by both Botswana Couriers along with the parent company’s pervasive nationwide footprint and a healthy international network, Botswana Couriers is set to leverage all the advantages open to it with a long term vision to grow beyond being just a courier company."

BCPYL want De Beers, BDP relations probed

Botswana Gazette
“When the BCP’s central committee convenes sometime next month they will look among other things at our request to file a case against the corrupt relations between the ruling party and De Beers, which dates back to the era of Sir Ketumile Masire’s presidency,”

Botswana central bank keeps rates at 9.5 pct

Reuters
"The current state of the economy and the assumptions on both the domestic and external economic outlook ... suggest that maintaining the prevailing level of interest rates is consistent with the achievement of the bank's 3- 6 percent inflation objective in the medium term"

Sarin Ships Galaxy 1000 Diamond Scanning System to Shrenuj Botswana

"Israel's Sarin Technologies has shipped a Galaxy 1000 diamond scanning system to Shrenuj Group's jewelry manufacturing operation in Botswana, the company reports."

Silver Swan Group and Botswana Metals top the Proactive Investors Rippers today

Proactiveinvestors (AU)