Amendments to Companies Act
The Department of Trade, Industry and Competition tabled two crucial business-related bills in August 2023, the Companies Amendment Bill and the Companies Second (2nd) Amendment Bill to amend the Companies Act (2008). The president enacted these two bills into law in July 2024. These address a range of issues including issuing of new shares, providing…
read more >>UPRDA
On 29 October, the President assented to the Upstream Petroleum Rights Development (UPRD) Act. The implementation date is to be determined. There are two separate licensing phases, each governed by ministerial notices, guarantee openness and flexibility by permitting a minimal work commitment and providing an open-door system for potential investors. Additionally, it demonstrates the government’s…
read more >>National Petroleum Company Bill (aka Eskom 2.0)
Early in October 2024, the Cabinet approved submitting the South African National Petroleum Company (SANPC) Bill of 2024 to Parliament. The bill establishes the State Petroleum Company, as contemplated in section 34 of the UPRD Act, through a merger of PetroSA, the South African Gas Development Company (iGas) and the Strategic Fuel Fund (SFF). The…
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