TUESDAY, 10.30AM:
THE Bank of Lesotho fired its entire top management on Monday and replaced them with a team of consultants who will run the financial institution for the next six months.
Finance Minister Lkete Kete Ketso said the government of Lesotho — as sole shareholder of the bank — had decided to embark on “the revitalisation and re-orientation programme with a view to strengthening the bank’s capacity”. He said upgrading of performance will be undertaken by a highly experienced team of experts commissioned by the government in partnertship with the World Bank.
The Bank of Lesotho operated normally on Monday.
BUSINESS BRIEFS
RECONCILIATION DAY TUESDAY is the Reconciliation Day holiday in South Africa. Businesses are closed.
FOREIGN BUYERS UP ON JSE FOREIGNERS increased their purchases of shares on the Johannesburg Stock Exchange with net purchases of R460 755-million last week. Net purchases in the same week last year totaled R287,7-million. So far this year, non-residents were net purchasers of R25 346-million, well above the R5 047-billion bought in the same period last year.
SAPPI IN NORWEGIAN VENTURE SAPPI-Saiccor on Monday announced it had signed a 50/50 joint venture with Norwegian chemical multinational Borregaard Industries to construct a R100-million lignosulphonate plant in KwaZulu-Natal. Lignosulphonate is a binder and dispersant used in concrete, oil drilling, ceramics and brickmaking, and in animal feeds.