DIAGEO TANZANIA TO WAIT FOR 2 YEARS
SABMiller Plc, won a U.K. court ruling that prevents rival Diageo Tanzania(read EABL) from acquiring Serengeti Breweries Limited for two years.
Justice Christopher Clarke in London ruled that a Diageo unit can’t buy Serengeti Breweries Ltd. until 2011 or the resolution of a related arbitration. (The ball seems to have been thrown to FCC-Fair Competition Commission)
SABMiller claims in the suit that the Diageo unit’s plans to buy Serengeti violates a non-compete agreement with SABMiller’s Tanzania Breweries.
Barrick North Mara Mine Sees 24% Rise in Output
Barrick Gold Corp.’s North Mara mine in north-western Tanzania is expected to increase production by as much as 24 percent this year.
“After producing 197,000 ounces at a total cash cost of $757 an ounce in 2008, the latest estimates put expected 2009 output at between 225,000 and 245,000 ounces of gold at much lower cash costs of $445 to $495 an ounce,” Barrick’s Vice President for Africa, Gareth Taylor, said in an interview in Dar es Salaam
Maurel & Prom (MAU FP)/Artumas Group
French oil and gas explorer-Etablissements Maurel & Prom (MAU FP) and Cove Energy Plc extended an option agreement to buy assets in Tanzania and Mozambique from subsidiaries of Artumas Group Inc. by a month to September 18.
The extension will allow due diligence to be completed, the companies said in a statement on the Les Echos Web site.
SAVINGS & FINANCE BANK-S & F( soon to be NIC BANK TANZANIA)
NIC BANK is set to open 2 new branches in Tanzania later this year. This was said by the NIC Bank of Kenya Managing Director James Macharia* when he was announcing the banks results in Nairobi where their first-half profit rose 14 percent as earnings from loans increased.
*James Macharia was the former Managing Director for Africa Banking Corporation(ABC) now Banc ABC here in Dar-es-Salaam
TANESCO MONOPLOY TO END
The Govt. plans to enact a law allowing private companies to provide electricity by the end of the year, halting a four decade- long monopoly held by Tanzania Electric Supply Company Ltd(TANESCO)
Tanzania will publish the Electricity Act, which enables other providers to generate power, in the government gazette by year-end, Deputy Energy Minister Adam Malima said on the sidelines of a conference in Dar-es-Salaam.
The Govt. to Spend $5 Billion on Transport Upgrade
The Tanzania Government will spend $5 billion over the next five years to upgrade its transport system, Infrastructure Development Minister Shukuru Kawambwa said.
The project is part of the government ambitious transport investment program, which will run over two five-year phases and will develop roads, ports, railways, airports and ferries, Kawambwa said at a conference in Dar es Salaam.
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