Botswana: BTCL IPO On Track

| February 29, 2016

By Calviniah Kgautlhe

Gaborone - Botswana Telecommunications Corporation Limited (BTCL) managing director, Mr Paul Taylor says progress has been made so far to sell shares to Batswana under Initial Public Offering (IPO).

Speaking at a press conference on Friday as update on IPO, Mr Taylor said the IPO phase which was expected to close on March 4 received massive response from Batswana and the institutional investors have been engaged.

"Everything is going according to plan and we are very pleased with the progress that has been made through the efforts of various stakeholders nationwide," he said.

He noted that public education was done to inform Batswana about IPO through road shows across 33 locations nationwide which yielded response, adding Barclays Bank Botswana branches across the country received about 500 applications per day.

He also said as the closing date approached, they expected even more investors to come on board towards the end.

On the other hand, the project communications director, Mr Kabelo Binns said challenges were encountered on educating Batswana in rural areas about buying shares due to the majority having no financial literacy.

Nevertheless, Mr Binns said generally most Batswana had gone out of their way to look for information and bought IPO shares to enhance their investment portfolio.

Public Enterprises Evaluation and Privatisation Agency (PEEPA) deputy chief executive officer, Mrs Tiny Diswai-Moremi said they paid close attention to the offer which opened on March 8 last year and had been cooperating with BTCL to ensure implementation of seamless privatisation process.

Meanwhile, 462 000 000 shares which translate to 49 per cent of government shares in BTCL are being sold to Batswana and citizen owned companies through the stock exchange to have a stake in the voice and data telecommunications corporation while 51 per cent remains government's share.

The IPO is one of the key areas to be achieved towards the corporation's privatization process.

Source: BOPA

Category: Human Rights

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