Govt, BTCL get P500m windfall

Government has received P212 million from Botswana Telecommunications Corporation Limited (BTCL) being funds raised from the Initial Public Offering (IPO) while P250 million was given to BTCL.

The IPO which was oversubscribed raised P462 million. BTCL listed 1.05 billion shares with 52.5 million shares set aside for BTC employees. Speaking at the handover ceremony on Thursday, Minister for Presidential Affairs, Eric Molale said the money received by the government will be put towards its national budgetary requirements while BTCL’s share will go towards its growth and expansion.“We believe it has been worth it as we have achieved one of Government’s key privatisation objectives of empowering Batswana by offering them the opportunity to be owners, of one of the country’s largest public entities.

Batswana are now not only customers but can now share in the growth and profitability of the Company, and ultimately generate greater wealth for their livelihoods,” said Molale. 

The IPO has resulted in the transfer of 44 percent of the company to the hands of thousands of citizens across the country and the remaining five percent reserved for citizen employees of BTCL. BTCL was valued at P800 million by Public Enterprises Evaluation and Privatisation Agency (PEEPA) with its shares split into 800 million units valued at P1 each.