Share price fall worry BTCL shareholders

SHARE   |   Tuesday, 01 November 2016   |   By Staff Writer
BTCL acting MD BTCL acting MD

Shareholders of listed Botswana Telecommunications Corporation Limited (BTCL) have expressed concern at the level of the company share price. The shareholders raised their concerns during BTCL Annual General meeting (AGM) on Monday – the first since the company listed on the BSE early this year. The BTCL leadership, which was led by the outgoing board chair, Daphne Matlakala, told the shareholders in response that the share price is determined by the supply and demand norm, meaning that the price is destined to fall in the case more investors sell their shares. The company share price is currently at 85 Thebe per share; 15 Thebe less than its listing price of P1.00 per share. Shareholders, who almost filled Boipuso hall, also wanted the BTCL board to explain the issues surrounding the departure of former Managing Director, Paul Taylor whose contract came to an end in July this year. Matlakala said the organisation had a succession plan in place and had identified two people from the company to take over. She said the MD will be appointed shortly, probably in the next three to six months. Part of the BTCL agenda was to also confirm former FNBB chief executive, Lorato Boakgomo-Ntakhwana and Botswana Football Association (BFA) president, Maclean Letshwiti as new Non-Executive board members of the company. Serty Leburu and Alan Boshwaen were also re-elected as directors of BTCL.