Nortex hit by weaker Rand, sheds 110 jobs

Thursday, March 24, 2016

FRANCISTOWN: Nortex Textiles and its 100% owned subsidiary, Matsiloje Portland Cement (MPC), have announced that they will retrench a combined 110 employees due to economic pressures fueled by the weaker Rand.

The affected employees are expected to leave at the end of March, managing director (MD) Mukesh Josh revealed the development in an interview with BusinessWeek this week.

Nortex is one of the biggest producers of towels in the SADC region while MPC produces construction cement for the Botswana market. On a normal business day, Nortex produces six tonnes of towels a day.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

Black gold: Minergy is one of the MDCB’s investments through a convertible loan. The coal mine is eyeing a turnaround in fortunes this year PIC: MINERGYCOAL.COM

The audacity to be a unicorn

Mbongeni Mguni | 19 Apr 2024

Faulty gadgets top complaints to BOCRA

Mbongeni Mguni | 14 h ago

Civil Society fights 'flawed' constitutional amendment

Innocent Selatlhwa | 2d ago

Civil Society calls for Constitution review governing Act

Innocent Selatlhwa | 2d ago

IEC rejects 2,513 registrations

Innocent Selatlhwa | 2d ago

Motshegwa prevails against detractors

Goitsemodimo Kaelo | 2d ago

Serowe woman ingests acid, attempts suicide

Pini Bothoko | 2d ago

Serowe man 'loses' P1m in trading

Pini Bothoko | 2d ago

Inspect the voters' roll!

The recent disclosure by the IEC that 2,513 registrations have been turned down due to various irregularities should prompt all Batswana to meticulously review the voters' rolls and address concerns about rejected registrations.The disparities flagged by the IEC are troubling and emphasise the significance of rigorous voter registration processes.Out of the rejected registrations, 29 individuals were disqualified due to non-existent Omang...

The Monitor Editor | 23 April 2024

About us

Mmegi is the leading independent source of breaking news, latest news, current
affairs, Politics, Business, Sport, debates, analysis, and entertainment news in Botswana.

Explore

More

Nortex hit by weaker Rand, sheds 110 jobs

FRANCISTOWN: Nortex Textiles and its 100% owned subsidiary, Matsiloje Portland Cement (MPC), have announced that they will retrench a combined 110 employees due to economic pressures fueled by the weaker Rand.

The audacity to be a unicorn

Faulty gadgets top complaints to BOCRA

Civil Society fights 'flawed' constitutional amendment

Civil Society calls for Constitution review governing Act

IEC rejects 2,513 registrations

Motshegwa prevails against detractors

Serowe woman ingests acid, attempts suicide

Serowe man 'loses' P1m in trading

Inspect the voters' roll!