CMA bars ailing companies from share buybacks
The Capital Markets Authority (CMA) has barred listed firms with negative equity from rolling out share buybacks, locking out cash-strapped companies from the process largely applied to correct perceived undervaluation of stock.
The regulator has ruled that directors of the companies which intend to repurchase stock from the market should ensure “assets … are equal to or exceed the liabilities of the listed company”.
The directors will rely on the last audited financial statements in determining the solvency status, but should also ensure the numbers are reliable on the date they inform shareholders of the proposed share buyback.
The Guidelines on Buybacks for Listed Companies further require that a listed company should demonstrate the ability “to pay its debts as they come due in the ordinary course of business for a period of 12 months” before it is cleared to buy back shares.
The rules further prohibit listed firms from repurchasing shares from the market within 14 days before disclosing annual or half-year financial performance or have become aware of material information which could affect share prices.
The CMA has also confined firms to complete proposed share buyback within 18 months from the time the proposal is approved by shareholders.
(Source: Business Daily)
Tanzania’s Samia Suluhu allows teen mothers back in class
Teen mothers in Tanzania who had been stopped from returning to classes have been allowed back to school, in a big policy shift by President Samia Suluhu’s administration. The change in policy comes four years after late president John Magufuli decreed that pregnant schoolgirls be expelled and teen mothers be blocked from returning to school, a move that drew widespread criticism both locally and internationally.
The government announced that the new policy will also apply to students once stopped from classes due to truancy and family problems.
(Source: The East African)
NSSF Bill – Lawmakers Okay Midterm Access
Members of Parliament have endorsed a provision in the National Social Security Fund (NSSF) (Amendment) Bill, 2021, to grant members aged 45 and above and who have saved for at least a decade, midterm access to 20 percent of their savings.
The House Gender Committee, which considered the Bill and received public views, has also proposed that persons with disabilities be granted a midterm access of up to 50 percent of their accrued benefits once they clock 40 years as long as they have contributed to the Fund for the preceding seven straight years.
(Source: The Monitor)
Rwanda elects new local government officials
Newly elected mayors in Rwanda’s 30 districts will assume office after winning against the incumbents in the recently concluded elections. Over 10,000 leaders in local government positions are being replaced in the ongoing polls that had been suspended in February, 2020 due to the pandemic, and are scheduled to officially end on November 26, according to the national electoral commission.
The new leaders brace for pressure to ensure promises under President Paul Kagame’s political agenda are delivered ahead of the presidential elections scheduled in two years.
Previous local government leadership were characterised by instability, following waves of sackings and resignations of officials for reasons ranging from graft allegations, poor performance and internal wrangles.
(Source: The East African)
France, Germany latest countries to urge nationals to leave Ethiopia
Ethiopia’s Prime Minister Abiy Ahmed has gone to the front lines to lead his troops in the battle against forces from the northern Tigray region, state-affiliated media reported. At least one prominent distance runner – marathoner and Olympic silver medallist Feyisa Lilesa – has joined thousands of ordinary Ethiopians keen to follow Abiy’s lead. A separate state media report quoted Ethiopia’s most famous distance-running champion, Haile Gebrselassie, as saying he, too, would fight at the front.
Meanwhile, France advised its citizens to leave Ethiopia “without delay”. Germany also called on its citizens to leave the country on the first available commercial flights, following similar advisories by the United States and the United Kingdom in recent weeks, citing a deteriorating security situation. The United Nations said it was “temporarily relocating” families of international staff from Ethiopia, adding that its personnel would remain in the country.
Week of Elimination of all forms of discrimination against women
Day of activism against all forms of discrimination against women that was organized in cooperation with the National Union of Eritrean Women and the UN Office in Eritrea was opened on 25th November in Asmara.
In her keynote speech, Ms. Tekea Tesfamicael, President of the National Union of Eritrean Women, said that Eritrea is a signatory to the Convention on the Elimination of all Forms of Discrimination against Women and Convention on the Rights of the Child and has been making strides through relentless efforts to combat and eradicate violence against women and girls, and address the conditions that contribute to such violence.
Ms. Tekea went on to say that since 2007 FGM has been a criminal offense that is punishable by law and as a result, the FGM that has been affecting 95% of girls in 1995, today has dropped to 12% for ages 5 and under.
At the occasion, briefings were provided focusing on the progress made to eliminate all forms of discrimination against women, the role of teachers, religious leaders as well as the media in combating gender-based violence.
(Source: Ministry of Information Eritrea)
Sudan’s road to civilian rule proves rockier than expected
Sudan’s military reinstated Abdalla Hamdok as prime minister of the country’s civilian transitional government on November 21 and pledged to release political prisoners following weeks of deadly unrest in the wake of the October coup.
The Troika, European Union, Canada, and Switzerland jointly issued a statement that said they “welcome” the Nov. 21 agreement. The UN’s political mission did the same. US Secretary of State Anthony Blinken didn’t stop in Sudan on his current tour of Africa but has said he’s “encouraged” by the new deal.
Many political groups have no confidence in Hamdok’s professions of faith in the deal and accuse him of selling out the revolution. The deal was rejected by the Forces for Freedom and Change (FFC), which had played a key part, alongside street protesters, in bringing about the long-time dictator Omar al Bashar’s downfall in 2019. The other major protest group, the Sudanese Professionals Association called the deal “political suicide.” A dozen ministers from Hamdok’s cabinet, including foreign minister Mariam al Mahdi, resigned in protest.
(Source: Arab News)
Dispute Resolution Committee Demands Submission of Complaints
The Electoral Disputes Resolution Committee has called on the candidates for the Federal Parliament of Somalia to raise their concerns with the Commission, in order to resolve their concerns.
The Dispute Resolution Committee said it was responding to allegations by the Union of Presidential Candidates that the seats in the House of Representatives were being looted and that elections were not taking place.
The committee’s statement came as the Union of Candidates said that the conduct of the parliamentary elections is a matter of looting, and that the looting of the election could result in chaos, war and a bad situation in the country.
(Source: Radio Dalsan)