Over 15 000 Batswana buy BTCL shares

Over 15 000 Batswana and 600 of the 900 employees of Botswana Telecommunications Corporation Limited have already bought the Company’s shares as the Initial Public Offer (IPO) winds up this week Friday.

The Company is also anticipating large numbers of Batswana to turn up at various Barclays Bank Botswana branches nationwide for the shares before Friday’s closing date.

“At no point have we had less than 500 people per day submitting offers in the branches. In our final week now we expect to see an increase and we anticipate it to get even better,” Taylor told the media last week.

Flanked by Public Enterprises Evaluation and Privatisation Agency (PEEPA) deputy chief executive Tiny Diswai-Moremi, the BTCL Chief Executive said they have worked hard to educate Batswana about the IPO.

“Educational literature has been produced in the thousands. Beyond over 30,000 prospectuses are in circulation and over 320,000 BTCL Share Application Forms printed, we have shared over 100,000 FAQs in English and Setswana, and a social media community of over 26,500 people,” said Taylor.

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 are to be sold by the selling shareholder. He said they have printed over 30 000 prospectuses in circulation, 290 000 application forms, conducted 61 public roadshows in villages and towns.

BTCL will be the first telecommunications company to be listed on Botswana Stock Exchange on April 8, 2016. “When the bell rings on 8th April at the BSE, we look forward to a new BTCL being born marking yet another important milestone for the business and indeed for Botswana. These are very exciting times ahead and we look forward to this bright new future,” said Taylor.

“It needs to be borne in mind that the Offer Period is open until the 4th of March 2016, and applications are being received until then. This means Batswana need not rush, as shares will not be distributed on a first come first served basis.”

Through the IPO government will hold a total of 49 percent of the company’s shares, 44 percent are available for purchase by citizens and citizen companies and the remaining five percent is reserved for BTCL employees through a Trust.

Taylor also explained that BTCL has about 930 employees and about 600 have applied for the shares. BTCL was converted to a registered public company limited by shares in 2012 and some of its assets were given to newly-formed Botswana Fibre Network (BoFiNet) to manage and operate on behalf of the government.

Some of the assets retained by BoFiNet include the East African Submarine System (EASSy) and the West African Cable System (WACS).