Over 10,000 applications for BTCL shares
By John Churu, Gaborone, Botswana
Batswana have come out in record numbers to submit their Offers for BTCL shares. On average, over 1,000 Offers (applications) have been received per day at Barclays Bank branches across Botswana. With the extensive Offer Period Closing only on the 4th of March 2016, it is anticipated that Batswana will continue to make the most of this historic opportunity to become shareholders in BTCL.
“The reception we have received from Batswana has been simply amazing,” said a visibly pleased Paul Taylor, Managing Director of BTCL. “We are humbled by stories of how some have raised their funds to be able to offer for these shares. Some have sold livestock; some have received money from family in place of Christmas gifts. We are truly honoured, and this has strengthened our resolve to growing BTCL into the future, for all our great new potential shareholders.”
The BTCL IPO comes as part of the first ever privatization project executed on the Botswana Stock Exchange. It marks the first sale of a National asset into the hands of Batswana in the Nation’s history, and already serves as the largest IPO in Botswana to date. Through this historic IPO, 462 million shares have been made available to Batswana.
BTCL was established in 1980 as a body corporate in terms of the BTC Act to provide, develop, operate and manage Botswana’s national and international telecommunications services. An Initial Public Offering, or IPO, is the first offer by a company of its shares for sale or subscription by members of the public. The Government is selling 49% of its shares in BTCL through an IPO.
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 to be sold by the Selling Shareholder.