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BTCL IPO enters final week

SHARE   |   Monday, 29 February 2016   |   By Staff Writer
BTCL IPO enters final week

Botswana Telecommunications Corporation Limited (BTCL)  is pleased with progress made so far with regards to the Initial Public Offering (IPO), the company Managing Director, Paul Taylor told the media on Friday. The BTCL IPO has been ongoing since the January 11, 2016 and will close on March 4, 2016 to pave way for the share allotment process which will be followed by the listing of the company on the Botswana Stock Exchange (BSE). The listing of BTCL shares is expected to be done on April 8 this year. Giving an update on the IPO, Taylor said they have successfully managed to carry out the mandate of educating the public about the shares, having held roadshows across 33 locations and had 66 activations.

“In terms of readiness, we are pleased with the fact that all Barclays Bank Botswana branches nationwide have been and continue to be utilised. At no point have we had less than 500 people per day submitting offers in the branches,” Taylor said. As the IPO goes into the final week, Taylor said the expectation is to see an increase in submissions of offers. Taylor said they made things easier for the prospective investors by placing IPO Champions who are purpose-trained at each of the branches to make the exercise seamless and simple for the citizens. “They continue to provide assistance and are geared for the final wave of applicants in the coming week,” he said. Taylor said they engaged major institutions including prisons, police, BDF and the University of Botswana (UB).

“We also continue to engage with institutional investors, a process that began two weeks ago. To date, all of the key institutional investors have been engaged,” Taylor said, also adding that on the whole the investors seem to be impressed with the offer. Regarding the five percent which has been set aside for the company employees, Taylor said of the more than 900 employees of BTCL, more than 600 have participated in the exercise. BTCL is optimistic about the listing, saying these are exciting times and as the company they are ready to welcome new shareholders to the organisation.