DISCOVERY GETS MORE TIME
Discovery Metals Limited, which owns Boseto Mine, has been given another month to consider a takeover offer from the Chinese private equity firm, Cathay Fortune Investment.
A statement from the Botswana Stock Exchange says Cathay Fortune had extended the closing date on the offer period from January 11 to February 8 for the Australian based company’s shareholders to consider its US$848 takeover bid.
The current offer which is subject to 51 per cent acceptance by the Discovery Metals shareholders followed the initial non-binding offer which was rejected by the Discovery Metals board.
Meanwhile, Competition Authority has given the acquisition of Discovery Metals and its subsidiary, Boseto Copper Mines a green light. “The authority has approved the acquisition of all the remaining shares in Discovery Metals Limited by Cathy Fortune Investment Limited,” reads the statement.
GDP GOES UP
Botswana’s Gross Domestic Product (GDP) increased by 5.7 per cent in the third quarter of 2012 compared to 6.6 per cent accrued in the same quarter in 2011.
Information released by the Central Statistics Office stated that the slow growth was attributed to mining and manufacturing which recorded negative growth of 24.0 and 5.5 per cent respectively, while all other sectors recorded a positive growth in the period.
Real mining value-added plummeted due to a substance decrease of production by 39 per cent in the third quarter of 2012.
At the industry level, Central Statistics Office said most of the increase was attributed to trade, hotels and restaurants as well as finance and business services.