26 Jan 2016

Over 10 000 applications have been submitted for Botswana Telecommunications Corporation Limited (BTCL) shares to date.

According to a press release from the corporation, on average, over 1 000 offers (applications) have been received per day at Barclays Bank branches across Botswana. With the extensive offer period closing on March 4, 2016.

It is anticipated that Batswana will continue to make the most of this opportunity to become shareholders in BTCL.

“The reception we have received from Batswana has been simply amazing,” says Mr Paul Taylor, managing director of BTCL. 

“We are humbled by stories of how some have raised their funds to be able to offer for these shares. Some have sold livestock; some have received money from family in place of Christmas gifts. We are truly honoured, and this has strengthened our resolve to growing BTCL into the future, for all our great new potential shareholders,” says Mr Taylor.

The release further says the BTCL Initial Public Offering (IPO) comes as part of the first ever privatisation project executed on the Botswana Stock Exchange. It marks the first sale of a national asset into the hands of Batswana in the nation’s history, and serves as the largest IPO in Botswana to date, states the release. Through this historic IPO, 462 million shares have been made available to Batswana.

It states that BTCL was established in 1980 as a body corporate in terms of the BTC Act to provide, develop, operate and manage Botswana’s national and international telecommunications services. An Initial Public Offering, or IPO, is the first offer by a company of its shares for sale or subscription by members of the public. The government, says the release, is selling 49 per cent of its shares in BTCL.

The offer comprises 462 000 000 shares of which 250 000 000 are to be issued and allotted by the company and 212 010 000 shares to be sold by the selling shareholder, states the release. 

“BTCL IPO is here and it belongs to us all. The public are reminded that offers are being received via Barclays Bank branches nationwide or via any of four licensed stockbrokers in Botswana being: Stockbrokers Botswana, Imara Capital, Motswedi Securities, and African Alliance,” says the release.

A nationwide public education roadshow will run from January 18 to February 27 this year for public sensitisation. Ends