Month: September 2023

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THE PRAX GROUP ANNOUNCES SUCCESSFUL CLOSING OF A US$300 MILLION PRIVATE CREDIT FACILITY

London, Sept. 12, 2023 (GLOBE NEWSWIRE) — The Prax Group (“Prax”) – a British multinational, independent global energy conglomerate dealing in crude oil, petroleum products and biofuels, with a complete integration across the oil value chain, from upstream to midstream and downstream – has announced the successful closing of a new privately placed c.US$300 million (equivalent) Term Loan Facility (the “Facility”).  The Facility achieved a substantial oversubscription and was upsized from an original US$250 million, with four institutions participating in the transaction, including three new lenders.

The Private Credit team at HSBC Bank plc (“HSBC”) acted as Sole Mandated Lead Arranger of the transaction. Funds managed by institutional investors including Chimera Abu Dhabi (“Chimera”) and Orchard Global Asset Management (“Orchard Global”) acted as lenders alongside HSBC.

Ben Lahnstein, Group Chief Financial Officer, Prax, said: “The success of the transaction highlights the confidence our lending groups have in Prax and the depth of our banking and investor relationships. This latest funding has diversified our funding sources and strengthened our balance sheet.  It provides us with a solid financial platform from which to execute future M&A activities, and deliver sustainable, profitable growth.”

The new Facility will be used to refinance the maturing five-year term loan tranche from 2018, as well as for strategic acquisitions.

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Notes to Editors

About The Prax Group: Headquartered in the UK, the Prax Group is a British multinational, independent exploration and production, refining, storage, distribution and sales conglomerate dealing in petroleum products and bio-fuels. The Prax Group has a complete integration across the whole oil value chain, from upstream to midstream and downstream, with offices in London, Houston and Singapore. The Group strives to limit its carbon footprint and to embrace the advent of transitional fuels.

www.prax.com

Corporate Headquarters:
Prax Group
York House
45 Seymour Street
London W1H 7JT
United Kingdom
Email: [email protected]

Attachments

Prax Group
[email protected]

GlobeNewswire Distribution ID 8921162

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Government, labour cement cooperation to uplift economy

Government and organised labour have agreed to work much more closely to speed up efforts for a more inclusive economy, job creation, and addressing poverty and inequality.

President Cyril Ramaphosa, Ministers and leaders of organised labour [COSATU, FEDUSA, NACTU and SAFTU] met virtually on Tuesday in a bid to address the immediate challenges that confront South Africa’s economy.

The Presidency said this agreement is critical to accelerate efforts to deliver lasting and sustainable progress in building an inclusive economy, creating jobs and tackling poverty and inequality.

The meeting discussed, amongst other issues, the immediate measures needed to unblock economic growth and create employment. Participants agreed that urgent steps must be taken to deal with low growth and the unemployment crisis.

According to the Presidency, organised labour committed to working with government to end load shedding and achieve energy security, improve the efficiency of the freight logistics system, reduce violent crime and protect economic infrastructure.

Representatives from organised labour raised several related issues including the current fiscal situation, the structure of the economy, State-owned enterprises (SOEs), strengthening public services, tackling crime and corruption, local government and providing economic and social relief, particularly to poor South Africans.

“Given the scale of the challenge, we require support from all social partners to urgently accelerate the implementation of government’s plans and drive additional interventions.

“While there is encouraging progress, the energy shortfall remains the single biggest constraint to economic growth. We need to accelerate and expand our efforts even further, not only to overcome the immediate crisis, but to fundamentally reform our energy sector and ensure that we never face such a shortfall again,” President Ramaphosa said.

Organised Labour Overall Convenor, Gerald Twala, welcomed the engagement and expressed hope that it will be the beginning of further discussions on various measures to grow the economy, create jobs, rebuild the State, and tackle crime and corruption.

“Labour is deeply concerned about the variety of crises affecting our SOEs, municipalities, government, the economy and workers. They require decisive action to resolve them. It is critical these interventions are directed towards the fundamental causes of our many challenges, and that they uplift the poor and protect the hard won rights of workers. Measures must capacitate the State to deliver quality public services, unlock economic growth and set the nation on a sustainable path,” Twala said.

The meeting agreed that addressing unemployment and poverty is an immediate imperative that will improve social and political stability, creating a virtuous cycle that supports growth.

The Presidency emphasised the opportunity to build on existing interventions with proven track records of success, including the Presidential Youth Employment Intervention, the Presidential Employment Stimulus, the Youth Employment Service and the SME Fund.

The Presidency further highlighted the need to expand and scale these initiatives through wider engagement to drive participation and uptake, as well to identify regulatory, policy and other measures to support and grow SMMEs, and unlock job creation at scale.

President Ramaphosa and labour leaders agreed that further in-depth engagement is needed to fully address the issues raised. A follow-up in-person meeting will soon be convened to build on Tuesday’s discussion.

Source: South African Government News Agency

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Mashatile to host Vietnamese Vice President on Official Visit to SA

Deputy President Paul Mashatile will on Friday host Vietnamese Vice President Vo Thi Anh Xuan on an Official Visit to South Africa.

The Official Visit, according to the Presidency, occurs within the context of the commemoration of 30 years of diplomatic relations between South Africa and Vietnam.

The aim is to reinvigorate and further strengthen the ties of friendship and solidarity between the two countries to consolidate the multifaceted partnership.

“South Africa and Vietnam enjoy friendly and constructive relations grounded in a shared history of struggle for freedom and common values supportive of the agenda of the Global South.

“The Official Visit presents an opportunity to highlight the excellent relations between the two countries and to foster closer ties with the government and people of Vietnam,” the Presidency said.

Bilateral mechanisms between the two countries include the inter-governmental partnership forum for economic, trade, scientific, technical and cultural cooperation and the joint technical committee.

These, according to the Deputy President’s Office, serve as a vehicle to review bilateral relations and identify priority areas for technical cooperation.

Total bilateral trade between South Africa and Vietnam amounted to R23.8 billion in 2022, with the trade balance in favour of Vietnam.

The focus areas for discussions between the two governments will include trade, investment, promotion of agricultural products, market access, higher education, mineral resources and energy.

The leaders will also talk about regional and multilateral issues.

The Deputy Ministers of Foreign Affairs, Industry and Trade, Agriculture and Rural Development, Planning and Investment, Education and Training will accompany Vice President Xuan.

She will also be joined by senior government, senior leaders of the Communist Party of Vietnam and a business delegation.

Source: South African Government News Agency

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Labour dept reaches out to job seekers in Limpopo

The Department of Employment and Labour’s Public Employment Service (PES) unit in Limpopo is today launching a series of community outreach programmes targeted at work seekers in the Capricorn District Municipality.

The outreach sessions begin today at Maikhutsong Crèche in Paledi Ga-Thoka.

According to the department, the sessions are aimed at enriching youth in the Capricorn District Municipality with valuable information for job hunting, making informed career decisions, and pursuing training and development opportunities.

Career Guidance Coordinator, Emmanuel Ravhudzulo, said the primary objective of these sessions is to assist job seekers with information that will enhance their career insights and bolster their employability through a range of job hunting skills programmes covering aspects such as CV writing, interview preparation and work ethics.

During these sessions, unemployed job seekers will receive comprehensive support and guidance on various strategies to secure employment or access skills development opportunities, and will also be registered on the Employment Services of South Africa (ESSA) database for possible future employment.

“We are dedicated to helping individuals who find themselves at a career crossroad and are unsure about their next steps, whether it involves embarking on their initial career journey, advancing in their current profession, or exploring new career paths,” Ravhudzulo said.

Work seekers are encouraged to bring along their CVs to the sessions.

The outreach will take place according to the schedule below:

Village

Date

Venue

Contact Person

Contact No

1. Paledi Ga-Thoka

13 September 2023

Maikhutsong Crèche

Mary Jane Sehlapelo

072143 7324

2. Masekoleng & Tjatjaneng

14 September 2023

Tribal Office

Mr Raseoana

079 306 3570

3. Nobody

18 September 2023

Church TBC

Mr Legaseane Mothapo

082 711 5338

4. Moremadi

20 September 2023

Tribal Office Moremadi

Mr Senona

071 550 3689

5. Makgwareng

21 September 2023

Mokgalatladi Hall : Kgorong

Mr Matome Mametja

076 352 8460

6. Megoring

29 September 2023

Makgongoana Secondary School

Mr Moloto

072 711 3533

7. Ga Makanye

29 September 2023

Mogafe Café

Mr Abraham Mohale

079 090 8462

Source: South African Government News Agency

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Minister briefs Parliament on the Black Industrialists policy

Trade, Industry, and Competition Minister Ebrahim Patel has highlighted the significant strides achieved by the Black Industrialists Policy within the food and energy sectors.

The transformative policy, initiated in 2015, is reshaping South Africa’s economic landscape by nurturing new enterprises led by black South Africans.

Briefing the Portfolio Committee on Trade, Industry and Competition on Tuesday, Patel said historically transformation policies primarily focused on facilitating black ownership in existing enterprises.

However, the Black Industrialists Policy centres on promoting the development of new enterprises, fostering entrepreneurship and ensuring the emergence of businesses controlled by previously marginalized groups.

During the briefing, Minister Patel presented 46 case studies of Black Industrialists across the country in the food and energy sectors.

The evolution of empowerment policies over time has broadened their scope. Initially, they centered on individual share ownership, enabling capital accumulation among black South Africans. Subsequently, they embraced broad-based empowerment and community initiatives.

Today, the policy prioritises Black Industrialists, supporting individual black entrepreneurs with controlling stakes in new firms and employee share ownership (workers empowerment).

Minister Patel underscored that the Black Industrialists Policy is just one pillar of a broader transformation agenda.

Other transformation instruments include industrial financing, sector master plans, localization, competition measures, B-BBEE codes, equity-equivalent investment programs, special economic zones and state preferential procurement.

The Black Industrialists Policy spans various industries, including agro processing, automotive components, textiles, steel and metal fabrication, mining, machinery and equipment, aerospace equipment and technology.

“The Black Industrialists Policy represents a pivotal shift in South Africa’s transformation strategy. It fosters new enterprise development, entrepreneurship, and economic inclusion while addressing historical disparities and promoting innovation,” Minister Patel said.

“The policy’s impact on the food and energy sectors underscores its significance in driving South Africa’s economic transformation,” the Minister said.

Source: South African Government News Agency

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Take part in awareness campaigns for people with disabilities

Citizens have been called to participate in the various awareness campaigns and support programmes available for people with disabilities to remove the barriers perpetuated by stigmatisation and discriminatory practices.

Department of Women, Youth and Persons with Disabilities (DWYPD) Deputy Director-General, Shoki Tshabalala, made this call during a webinar for artists with disabilities held on Wednesday.

The department, in partnership with the Department of Sport, Arts and Culture (DSAC), hosted the webinar to foster inclusion, integration and the promotion of artists with disabilities into the mainstream arts and culture sector.

The webinar also aimed to remove the limitation of placing people with disabilities in a system that does not promote arts and cultural activities of people with disabilities, and not as active participants in the country’s arts and cultural programs.

In her address, Tshabalala said the department had identified several areas of collaboration with the Department of Arts, Culture and Sport for the 2023/2024 financial year and empowerment of people with disabilities in the arts, is one of them.

She said in 2021, the department was invited by the DSAC to a workshop which was convened during Disability Rights Awareness Month (DRAM) 2021 in Kopanong.

“There were workshop resolutions and identified areas of support needed by artists with disabilities [and] the resolutions would guide us to develop a plan of action. During the DWYPD 2022 4 Cities Tour, there was a realisation of a greater need for persons with disabilities to be aware of and be exposed to the funding opportunities available within DSAC,” Tshabalala highlighted.

Tshabalala said, through this collaboration, empowerment workshops will be conducted, as most of the artists are not professionally organised.

The workshops will provide access to funding on business and professionalisation of their artistry/crafts, and how artists should interact with different funding schemes.

Tshabalala acknowledged that there are issues of access to markets, saying government needs to ascertain how best they can participate in the mainstreaming of the industry and rope in different industry stakeholders, including private or public to assist artists.

“There is a need to look at institutionalisation of the disability forums [and] this ties up with the mainstreaming of DSAC programmes. We will look at how DSAC programmes are structured in terms of DSAC annual performance plan and operational plans, and DWYPD will assist in the mainstreaming indicators thereof to ensure there is disability inclusion.

“Consistent with the “nothing about us without us” movement, the creation of a framework on self-representation for persons with disabilities is also one of our top priorities for this,” the Deputy Director-General said.

Addressing barriers for artists with disabilities

CEO of the Artscape Theatre in Cape Town, Marlene le Roux, highlighted some of the needs of artists with disabilities, including special transport; accommodation close to the performing venue; assistive devices; medical support such as physiotherapy; assistants to help artists and provision of sustenance.

“While we all strive for equality, as this means ‘we all get the same’, it can only work if we all start from the same place. In many instances and especially for persons with disabilities, we need to address the barriers that they must first overcome in order to have equal opportunities,” le Roux said.

She emphasised that the National Disability Rights Awareness Month, which is celebrated annually from 3 November to 3 December, should not be a “box-ticking” activity but rather it should be a time for introspection on what has happened, what is supposed to be happening, and where the country is going.

Source: South African Government News Agency