Company news in brief

Fastjet secures another extension on its loan agreementCash-strapped regional Africa airline Fastjet Plc said on Monday it has reached an agreement to further extend the repayment date on its unsecured loans.Fastjet in June had entered agreements with Annunaki Investments and SSCG Africa Holdings, following which the airline lent US$5 million from its Zimbabwe unit to Annunaki in return for a US$2 million loan to Fastjet from SSCG.The low-cost airline has been facing a multitude of issues mainly relating to its dwindling cash pile and has struggled to secure cash through fundraising and equity refinancing to continue operations.The airline had entered into the loan agreements with Annunaki and SSCG so that Fastjet can access a portion of its restricted cash held in Zimbabwe.Fastjet now expects a repayment from SSCG by June 30, from the earlier agreed date of March 31, the company said on Monday. – Namps/ReutersLonmin warns on cash woesPlatinum miner Lonmin does not have sufficient liquidity to fund the new projects needed to avoid shaft closures and job losses, it said on Monday as it urged shareholders to back its proposed takeover by Sibanye-Stillwater.The London-listed company, crippled by soaring costs and subdued platinum prices, has been cutting spending to conserve cash and retain a positive balance sheet required by conditions of South Africa-based Sibanye's offer.However, progress on all fronts has been slow against the backdrop of strikes by South Africa's Association of Mineworkers and Construction Union (AMCU) in a long-running pay dispute.Despite "new and prudent measures" to refinance the business with a previously announced US$200 million facility, Lonmin said it remains "financially constrained and unable to fund the significant investment required to sustain our business and associated employment in the future".Lonmin added that poor production and correspondingly high unit costs have continued in its second quarter this year, largely offsetting the benefits of improved prices of platinum group metals. – Nampa/ReutersTrafigura sees oil price rising to US$70s/bl in 2020Global commodities trader Trafigura Group sees Brent oil staying around current levels, about US$66-US$67 a barrel, or slightly higher for the rest of the year, and rising to the US$70s in 2020, its co-head of oil trading Ben Luckock said on Monday."We're gently bullish. We have a more stable and almost sensible market. We traded between US$50 and US$87 a barrel last year. US$87 was probably too much ... The Iranian oil waivers caught many people by surprise," Luckock told a briefing for journalists at the company's Geneva headquarters."We're now trading US$66-US$67 a barrel, I think that's a relatively sensible price."Luckock warned that several factors could still throw predictions off balance such as whether Iranian waivers are renewed and the stability of Libyan and Venezuelan output.Trafigura's chief economist Saad Rahim said the Geneva-based firm expected a tighter market in the second half of the year but gains would be capped by weaker macro indices. – Nampa/ReutersUber looks to pick up Careem in US$3bn dealUber Technologies Inc is set to offer over US$3 billion to buy Dubai-based rival Careem Networks FZ, two sources familiar with the deal told Reuters, in a deal that will strengthen its operations in the Middle East.The deal, which a third source said could be unveiled during the early part of this week, comes ahead of Uber's planned initial public offering that may value the firm at US$120 billion.Careem, founded in 2012, has a larger presence in the Middle East, North Africa, Pakistan, and Turkey operating in 98 cities there compared to Uber's roughly 23 locations.Uber will pay US$1.4 billion in cash and US$1.7 billion in convertible notes, which will be convertible into Uber shares at a price equal to US$55 per share, Bloomberg had earlier reported, citing a term-sheet.Careem was estimated to be valued at US$2 billion as of October. – Nampa/ReutersQatar Airways backs Boeing despite MAX crash crisisQatar Airways threw its support behind Boeing on Monday as the US planemaker faces its biggest crisis in years after two deadly crashes of its flagship 737 MAX jet.Regulators grounded the worldwide MAX fleet after an Ethiopian Airlines MAX crash killed all 157 people on board this month, wiping 14% off shares in the world's biggest planemaker.Qatar Airways, one of the largest Middle East carriers, is a major Boeing customer. It has ordered 20 MAX jets and committed to buying a further 40. It has taken delivery of five of the aircraft, according to Boeing's website.Attention has focused on the anti-stall system, known as MCAS, and the sensors that activate it. MCAS pushes the plane’s nose down if it believes it is ascending at too steep an angle.The MAX is an upgrade to Boeing's best-selling 737 narrowbody jet and only entered service in 2017. Boeing has booked MAX orders worth more than US$500 billion at list prices. – Nampa/Reuters

Company news in brief

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Namibian Sun 2025-04-04

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Company news in brief

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Namibian Sun 2025-04-04

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